Ava's mom purchased a savings bond for Ava. The value of the savings bond increases by 3% each year. One year after it was purch
ased, the value of the savings bond was $515. Find the value of the bond when Ava's mom purchased it.
1 answer:
Answer:
Original Value= $361.21
Step-by-step explanation:
Giving the following information:
The value of the savings bond increases by 3% each year. One year after it was purchased, the value of the savings bond was $515.
<u>To calculate the original value of the bond, we need to use the following formula:</u>
OV= PV/(1+i)^n
OV= original value
PV= present value
i= increase rate
n= number of months
OV= 515 / (1,03^12)
OV= $361.21
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