The formula of the future value of annuity due is
A=p [(1+r/k)^(kn)-1)/(r/k)]×(1+r/k)
A future value of annuity due
P payment 125
R interest rate 0.0375
K compounded monthly 12
N time 8 years
Solve for A
A=125×(((1+0.0375÷12)^(12
×8)−1)÷(0.0375÷12))×(1
+0.0375÷12)
=14,012.75
The answer to your problem is 6
You can only get 5 c chocolates if you have that many.
