$449,866.95 is the Future value of the account after 35 yerars.
<h3>What is amount future value?</h3>
- Future value (FV) is a term used to describe how much, at some future date and with a given interest rate, a sequence of regular payments will be worth.
- As a result, it will show you how much you will have accumulated as of a future date if you, for instance, plan to invest a set amount each month or year.
The formula to compute the future value is shown below:
Future value = Amount (1+i)^n -1 ÷ i)
where,
Interest rate = 8% ÷ 12 months = 0.6666%
And, the number of months = 35 years × 12 months = 420
Now put this value to the above formula
F = $200 × (1 + 0.6666)^420 - 1 ÷ 0.6666%
After solving this,
Future Value: $449,866.95
N (Number of Periods) 420.000
(Interest Rate) 0.660
PMT (Periodic Deposit) $200.00
Starting Amount $0.00
Total Periodic Deposits $84,000.00
Total Interest $365,866.95
To learn more about Future value refer,
brainly.com/question/14587551
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