Mathematics, 24.10.2019 08:43 Tenika1
Suppose you invest $75 a month in an annuity that earns 3% apr compounded monthly. how much money will you have in this account after 3 years?
a. $2650.00
b. $2821.54
c. $4750.25
d. $4745.70
Answers: 1
![FV=P[ \frac{(1+ \frac{r}{n} )^{nt} -1}{ \frac{r}{n} } ]](/tpl/images/0344/2723/dc786.png)
is the future value
is the periodic payment
is the interest rate in decimal form
is the number of times the interest is compounded per year
is the number of years
![FV=\$75[\frac{(1+ \frac{0.03}{12})^{12*3} -1}{ \frac{0.03}{12}}]](/tpl/images/0344/2723/0b9df.png)
![FV=\$75[\frac{(1.0025)^{36} -1}{ 0.0025}]=\$2,821.54](/tpl/images/0344/2723/8f240.png)
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Suppose you invest $75 a month in an annuity that earns 3% apr compounded monthly. how much money wi...
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