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Hunter-Best [27]
3 years ago
10

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?
Mathematics
1 answer:
PSYCHO15rus [73]3 years ago
3 0
<span>Deposits made is $250, it is called Present value P = 250 Rate of interest r = 6% = 0.06 Time n = 12 years, 12 payments Investment value after n years FV = FV = P *(1+r) *(((1+r) ^ n) – 1)/r FV = 250 * (1 + 0.06) * (((1 + 0.06)^12) - 1)/0.06 FV = 250 * 1.06 * (((1.06)^12) - 1)/0.06 => FV = 250 * 1.06 * (2.012 - 1)/0.06 FV = 250 * 1.06 * 1.012/0.06 => FV = 250 * 1.06 * 16.87 FV = 250 * 17.88 => FV = 4470.5 So the final value of investment after 12 years is $4470.5.</span>
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