Take a look at the attachment to see the solution.
A = future value
P = principal (P = 12,000)
r = interest rate (r=6)
n = time periods (n=12)
A = future value
P = principal (P = 12,000)
r = interest rate (r=6)
n = time periods (n=12)
What is greater 4.2 or 4.25
2 answers:
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Answer:
- Annabella will save $4950.11 after 2 years.
Step-by-step explanation:
<h3>Given</h3>- Periodic payment P = $200,
- Period t = 2 years,
- Number of compounds, monthly n = 12,
- Interest rate, r = 3.2% = 0.032.
- Future value of saving, F
Use periodic compound formula:
Substitute the values and calculate:
rounded