Answer:
Future amount (A) = $1,258.77 (Approx)
Step-by-step explanation:
Given:
Amount deposit (p) = $693
Rate of interest monthly (r) = 4.9% / 12 = 0.003833
Number of month (n) = 13 × 12 = 156
Find:
Future amount (A)
Computation:
![A = p [1+r]^n \\\\ A = 693 [1+0.003833]^{156}\\\\ A= 693[1.8163]\\\\ A = 1258.77](https://tex.z-dn.net/?f=A%20%3D%20p%20%5B1%2Br%5D%5En%20%5C%5C%5C%5C%20A%20%3D%20693%20%5B1%2B0.003833%5D%5E%7B156%7D%5C%5C%5C%5C%20A%3D%20693%5B1.8163%5D%5C%5C%5C%5C%20A%20%3D%201258.77)
Future amount (A) = $1,258.77 (Approx)
