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romanna [79]
3 years ago
6

You have an investment that will pay you .67 percent per month. a. How much will you have per dollar invested in one year? (Do n

ot round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. How much will you have per dollar invested in two years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
Business
1 answer:
Vinil7 [7]3 years ago
5 0

Answer:

Results are below.

Explanation:

Giving the following information:

You have an investment that will pay you .67 percent per month.

Interest rate= 0.67/100= 0.0067

We need to use the following formula:

FV= PV*(1+i)^n

<u>In one year, we will have:</u>

FV= 1*(1.0067^12)

FV= $1.08

I<u>n two years:</u>

FV= 1*(1.0067^24)

FV= $1.17

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