At Westonci.ca, we make it easy to get the answers you need from a community of informed and experienced contributors. Discover comprehensive solutions to your questions from a wide network of experts on our user-friendly platform. Our platform offers a seamless experience for finding reliable answers from a network of knowledgeable professionals.

you deposit $4000 each year into an account earning 3% interest compounded annually. How much will you have in the account and 35 years?

You Deposit 4000 Each Year Into An Account Earning 3 Interest Compounded Annually How Much Will You Have In The Account And 35 Years class=

Sagot :

ANSWER:

$ 241848.33

STEP-BY-STEP EXPLANATION:

Given:

P = $4000

r = 3% = 3/100 = 0.03

n = 35 years

The formula for the future value is:

[tex]\begin{gathered} FV=P\mleft(\frac{\left(1+r\right)^n-1}{r}\mright) \\ \text{ replacing} \\ FV=4000\cdot\mleft(\frac{\mleft(1+0.03\mright)^{35}-1}{0.03}\mright) \\ FV=241848.33 \end{gathered}[/tex]

Therefore, after 35 years, he would have $ 241848.33 in the account.

Thank you for your visit. We are dedicated to helping you find the information you need, whenever you need it. Thank you for your visit. We're committed to providing you with the best information available. Return anytime for more. Stay curious and keep coming back to Westonci.ca for answers to all your burning questions.