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krek1111 [17]
3 years ago
5

Since your birth​, your grandparents have been depositing $ 100 into a savings account every month. The account pays 9​% interes

t annually. Immediately after your grandparents make the deposit on your 18th​ birthday, the amount of money in your savings account will be closest​ to:
Business
1 answer:
g100num [7]3 years ago
3 0

Answer:

Future Value= $53,635.17

Explanation:

Giving the following information:

Since your birth​, your grandparents have been depositing $ 100 into a savings account every month. The account pays 9​% interest annually.

First, we need to calculate the monthly interest rate:

Real interest rate= 0.09/12= 0.0075

Now, using the following formula, we can calculate the future value:

FV= {A*[(1+i)^n-1]}/i

A= monthly deposit= 100

n= 18*12= 216

i= 0.0075

FV= {100*[(1.0075^216)-1]}/0.0075

FV= $53,635.17

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= $356.85

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Here's the complete question :

What is the present value of a four-year annuity of $100 per year that makes its first payment 2 years from today if the discount rate is 9%

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