Choose all that apply. Why do we use graphs?
2 answers:
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Answer:
The money will be $7455.97.
Step-by-step explanation:
Given : Deposits of $200 per month are put into an investment plan that pays an APR of 6.5%.
To find : How much money will be in the plan after 18 years ?
Solution :
There is a deposit of $200 per month.
For 1 year the principle value is
The rate of interest is r=6.5%=0.065
The time is t=18 years
Apply compound interest formula,
Therefore, The money will be $7455.97.