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Vikentia [17]
4 years ago
13

What is the future value of the 10% savings from earnings of $187.45 if it earns 5% annual interest, compounded monthly for 30 y

ears? Use the compound interest formula to estimate the present value.
Mathematics
1 answer:
weeeeeb [17]4 years ago
4 0

Answer:

$83.75

Step-by-step explanation:

To find the future value, we first need to define our variables.

P = 187.45 x 0.10 = 18.745

r = 5% or 0.05

t = 30 years

n = 12

Now we can use the formula:

A=P(1+\dfrac{r}{n})^{nt}

A=18.745(1+\dfrac{0.05}{12})^{12(30)}

A=18.745(1+\dfrac{0.05}{12})^{360}

A=83.75

So the future value after 30 years is $83.75.

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