Lee worked on a global team for an American company, and all her work had to be completed in her second language, English. Somet
1 answer:
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Answer:
$1,774.2
Explanation:
Compute the accumulated amount in the account on the date of last deposit'
Formula used to find out the future value ordinary annuity is:
Future value factor of ordinary annuity
1- oily Future value of ordinary annuity
Where:
R = annual return (ordinary annuity)
= future value of an ordinary annuity of I for n periods at i interest
Substituting the values:
Future value of ordinary annuity
=
=
Answer:
(a) $34.4
(b) $38.70(Approx).
(c) $61.9524
Explanation:
(a) Current price:
= $34.4
We use the formula:
where,
A = future value
P = present value
r = rate of interest
n = time period
(b)
= 34.4 × 1.124864
= $38.6953
= $38.70(Approx).
(c)
= 34.4 × 1.80094351
= $38.6953
= $61.9524