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irina [24]
2 years ago
12

Suppose you invest $75 a month in an annuity that earns 48% APR compounded monthly. How much money will you have in this account

after 3 years? 
Mathematics
1 answer:
il63 [147K]2 years ago
4 0

Answer:

The money after 3 years is $5819.8735

Step-by-step explanation:

We are given

monthly payment =$75

so, P=75

annuity that earns 48% APR

so, r=48%

Since, it is compounded monthly

so,

i=\frac{48}{12} =4%

i=0.04

n=12\times 3=36

now, we can use annuity formula

FV=P[\frac{(1+i)^n-1}{i} ]

where

FV is future value

now, we can plug values

FV=75[\frac{(1+0.04)^{36}-1}{0.04} ]

we get

FV=5819.8735

The money after 3 years is $5819.8735

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