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ki77a [65]
3 years ago
7

Find the interest earned and the future value of an annuity with weekly payments of $400 for three years into an account that pa

ys 7% interest per year compounded semiannually.
Mathematics
1 answer:
qaws [65]3 years ago
7 0

Answer:

the interest earned= 93.401

and the future value of an annuity= 493.401

Step-by-step explanation:

Given Data:

Interest rate= 7%

time,t = 3 years

weekly payment, P= 400

At the end of 3 years, final investment A= ?

n= 52 as it is weekly

As per the interest formula

A= P(1+r/n)^nt

Putting value in above equation

= 400\left(1+\frac{0.07}{52}\right)^{156}

= 493.401

Interest earned = A-P

                           = 493.401-400

                          = 93.401 !

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