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2 years ago

1.

Mathematics

1 answer:

Komok [63]2 years ago

6 0

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:

$A = p [1+r]^n \\\\ A = 693 [1+0.003833]^{156}\\\\ A= 693[1.8163]\\\\ A = 1258.77$

Future amount (A) = $1,258.77 (Approx)

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