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skelet666 [1.2K]
3 years ago
10

16 17 18 number plz answer righg

Mathematics
1 answer:
marta [7]3 years ago
7 0
What does this even mean
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Yolanda opened a retirement account earning 5.5% interest per year, compounded monthly. She deposited $100 each month. Assume th
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The balance in dollars and cents in Yolanda's account at the end of 4 years is $5,355.29

What is the future value of an ordinary?

An ordinary annuity is the one where the monthly deposit occurs at the end of each month rather than at the beginning of the months such its future value based on 5.5% annual interest rate can be determined thus:

FV=PMT*(1+r)^N-1/r

FV=balance in dollars and cents in Yolanda's account at the end of 4 years=unknown

PMT=monthly deposit=$100

r=monthly interest rate=5.5%/12=0.00458333333333333

N=number of monthly deposits in 4 years=4*12=48

FV=$100*(1+0.00458333333333333)^48-1/0.00458333333333333

FV=$5,355.29

Find out more about future value on:brainly.com/question/20187354

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Missing question:

What was the balance in dollars and cents in Yolanda's account at the end of 4 years?

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