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g100num [7]
3 years ago
14

Suppose Dina is an avid reader and buys only comic books. Dina deposits $3,000 in a bank account that pays an annual nominal int

erest rate of 10%. Assume this interest rate is fixed—that is, it won't change over time. At the time of her deposit, a comic book is priced at $15.00.
Business
1 answer:
Tomtit [17]3 years ago
8 0

Answer:

Instructions are listed below

Explanation:

Giving the following information:

Dina deposits $3,000 in a bank account that pays an annual nominal interest rate of 10%. The comic book is priced at $15.00.

We don't have the number of years on the investment. But we can figure out an answer.

With $3000 she can buy:

Number of comics= 3000/15= 200 comics.

Using the following formula we can calculate the amount of money that she will have at the end of several years.

FV= PV*(1+i)^n

For example:

1 year

FV= 3000*1.10^1= $3300

Comics= 3300/15= 220 comics

5 years:

FV= 3000*1.10^5= $5,315

Comics= 5315/15= 354 comics

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