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AysviL [449]
3 years ago
14

The rickerts decided to set up an account for their daughter to pay for her college education. the day their daughter was born,

they deposited $1000 in an account that pays 1.8% compounded annually. beginning with her first birthday, they deposit an additional $750 into the account on each of her birthdays. which expression correctly represents the amount of money in the account n years after their daughter was born?
Business
1 answer:
Free_Kalibri [48]3 years ago
7 0
After n years, the deposit made at birth will have a value equal to;

FV1 = C(1+r)^n = 1000(1+0.018)^n = 1000(1.018)^n

After n years, the  yearly deposits made at every birthday will have a value equal to;

FV2 = P{(1+r)^n-1}/r = 750{(1+0.018)^n-1}/0.018 = 41666.67 {(1.018)^n-1} = 41666.67 (1.018)^n -41666.67

Total FV = FV1+FV2 = 1000(1.018)^n+41666.67(1.018)^n-41666.67 = 42666.67 (1.018)^n - 41666.67
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3 years ago
The company has an opportunity to sell 20,000 additional units at $13 per unit. The additional sales would not affect its curren
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