2) Amanda invests $6,540 in a retirement

Mathematics

1 answer:

RideAnS [48]3 years ago

7 0

Answer:

B) $17,704.05

Step-by-step explanation:

20 years later is a time in the future so you use Future value formula;

FV = PV* (1+r)^t

where PV= Amount invested in the present = $6,540

r= discount rate = (5% / 6) = 0.833% or 0.00833

t= total duration = 20 *6 = 120

Next, plug in the numbers into the formula;

=6,540* (1+0.00833)^120

=6,540 * 2.707041491

= 17,704.05

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