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xxTIMURxx [149]
3 years ago
8

Shaan and Anita currently insure their cars with separate companies, paying $650 and $575 a year. If they insure both cars with

the same company, they would save 10 percent on their annual premiums. What would be the future value of the annual savings over 10 years based on an annual interest rate of 6 percent
Business
1 answer:
icang [17]3 years ago
3 0

Answer:

$1615

Explanation:

($575 + 650) 0.10 = $122.50

Find the future value of $122.50

Future value can be calculated using a financial calculator:

$122.50 = PMT

10 = N

6% = I/Y

Press compute then FV

Fv = $1615

I hope my answer helps you

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