Answer: she earned $6007.5
Step-by-step explanation:
We would apply the formula for determining future value involving deposits at constant intervals. It is expressed as
S = R[{(1 + r)^n - 1)}/r][1 + r]
Where
S represents the future value of the investment.
R represents the regular payments made(could be weekly, monthly)
r = represents interest rate/number of interval payments.
n represents the total number of payments made.
From the information given,
R = $250
r = 0.06/2 = 0.03
n = 2 × 9= 18
Therefore,
S = 250[{(1 + 0.03)^18 - 1)}/0.03][1 + 0.03]
S = 250[{(1.03)^18 - 1)}/0.03][1.03]
S = 250[{(1.7 - 1)}/0.03][1.03]
S = 250[{(0.7)}/0.03][1.03]
S = 250[23.3][1.03]
S = 250 × 24.03
S = $6007.5
