Danny wants to buy a truck in 4 years. He is going to put away $2,500.00 into his savings account that will pay him 6.75% intere
st compounded monthly. How much will he have when he withdraws the funds to give a down payment? a $775.43 b $3,272.43 c $3,275.43 d $772.43
1 answer:
Answer:
b $3,272.43
Step-by-step explanation:
A = p(1+r/n)^nt
Where
A= future value
P= principal = $2500
r= interest rate = 6.75% = 0.0675
n = number of periods = 12
t = time = 4 years
A = p(1+r/n)^nt
= 2500(1+0.0675/12)^12*4
= 2500(1+0.005625)^48
= 2500(1.005625)^48
= 2500(1.3089737859257)
= 3272.4344648144
Approximately
A= $3272.43
He will have $3272.43 to give as down payment in 4 years
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