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Nuetrik [128]
3 years ago
11

$450 is deposited monthly for 11 years at 5% per year FV=

Mathematics
1 answer:
Ivanshal [37]3 years ago
6 0
1) montly rate, r = 5% / 12 = 0.416% = 0.00416

2) capital, C = $ 450 = present value

3) time = 11 years => number of periods = 11 * 12 = 132

4) Formula: FV = C * (1 + r) ^ (number of periods)

5) Calculation: FV = $450 * ( 1 + 0.00416)^(132) = $ 779.07

Answer: $ 779.07


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