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hello I'm having some troubles on this math problem on my homework can you please help me

Hello Im Having Some Troubles On This Math Problem On My Homework Can You Please Help Me class=

Sagot :

In order to solve this, we have to use the formula of the future value of an annuity with compounded interest given by the following expression:

[tex]FV=P(\frac{(1+\frac{r}{n})^{nt}-1}{\frac{r}{n}})[/tex]

Where P is the periodic payment, r is the rate of interest. n is the number of times the interest is compound a year and t the year, by replacing 310 for P, 0.07(7%) for r, 4 for n, and 26 for t, we get:

[tex]FV=310(\frac{(1+0.07\/4)^{4\times26}-1}{\frac{0.07}{4}})=89908.22[/tex]

Then, the total value of the annuity in 26 years will be $89908.22

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