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Eddi Din [679]
2 years ago
8

Paul Springer plans to save for a down payment for a house in 10 years. He will be able to invest $12,000 today in a money marke

t account that will pay him an interest of 5.50 percent on a monthly basis. How much will he have at the end of 10 years?
Business
1 answer:
Bad White [126]2 years ago
8 0

Answer:

The correct answer is $20,772.92.

Explanation:

According to the scenario, the given data are as follows:

Payment (pmt) = $12,000

Rate of interest = 5.50%

Rate of interest per month (r) = 5.50 / 12 months = 0.46%

Time = 10 years (n) = 120 months

So, the future value can be calculated by using following formula:

Future value =  PMT ×(1+r)^n

= $12,000 × ( 1 + 0.46% )^120

= $20,772.92

Hence, the future value at the end of 10 years will be $20,772.92.

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