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xeze [42]
3 years ago
6

Since your first​ birthday, your grandparents have been depositing $ 120 into a savings account every month. The account pays 6​

% interest 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:
bulgar [2K]3 years ago
6 0

Answer:

FV= $46,482.38

Explanation:

Giving the following information:

Monthly deposit= $120

Interest rate= 0.06/12= 0.005

Number of periods= 18*12= 216

<u>To calculate the future value of the investment, we need to use the following formula:</u>

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

A= monthly deposit

FV= {120*[(1.005^216) - 1]} / 0.005

FV= $46,482.38

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