The future value of cash whose initial value is $845, at the rate of 11.3% for 7 years will be calculated using the compound interest rate, that is:
A=p(1+r/100)^n
where:
A=future amount
r=rate=11.3%=0.113
time=7 years
thus the future value of our cash will be:
A=845(1+0.113)^7
A=845(1.113)^7
A=$1,787.82
Answer:the correct answer should be d.2.07
Step-by-step explanation:
972 / 3 = $324
Which means that each person will pay $324
