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Roman55 [17]
3 years ago
10

At the beginning of every year, Molly deposits $200 in a savings account that offers an interest rate of 20%, compounded annuall

y. The total amount that Molly will have in her account at the end of 3 years is $ .
Mathematics
1 answer:
grandymaker [24]3 years ago
8 0
Hi there
The amount deposited at the beginning of each year So use the formula of the future value of annuity due
FVAD=pmt [(1+r)^(n)-1)÷r]×(1+r)
FvAD future value?
PMT payment per year 200
R interest rate 0.2
T time 3 years

FVAD=200×((((1+0.2)^(3)−1)÷(0.2))
×(1+0.2))=873.6...answer

Hope it helps
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