The amount of money the person will have is .
Further explanation:
In the question it is given that the amount of money invested per month is .
So, the total amount of money invested in year or months is calculated as follows:
This implies that the total amount of money invested in year is .
Amount of money invested grows at a rate of per year.
A person started investing the money at an age of years and decided to withdraw the money at the age of years.
So, the total time for which the money was invested is calculated as follows:
The formula to obtain the future value of the invested money is as follows:
Substitute for , for and for in the above equation.
Therefore, the future value of the invested money is .
Thus, the amount of money the person will have is .
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Answer details:
Grade: College
Subject: Mathematics
Topic: Time value of money
Keywords: Future value, present value, interest, time period, investment, money, 7 percent, $100, amount, invested money, formula.