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svlad2 [7]
3 years ago
13

Jorgen Grace made deposits of $250 at the end of each year for 12 years. The rate received was 6% annually. What is the value of

the investment after 12 years? $2,028 $3,000 $4,217.48 $4,200 None of these
Mathematics
1 answer:
lakkis [162]3 years ago
8 0

As given, Amount or A = 250

Time period = 12 years or n=12

Interest = 6% or i=0.06

Value of the investment = A[((1+i)^{n}-1)/i]

= 250[((1+0.06)^{12}-1)/0.06]

= 250[((1.06)^{12}-1)/0.06]

= 250[(2.0121-1)/0.06]

= 250(16.869) = 4217.25 which is near to $4217.48

Hence, option C = $4217.48 is the answer.

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