Sean and sarah spend $70 a month eating out how much money would they have after 15 years if they invested the money instead at
4 percent compounded monthly round your answer to the nearest hundredth
1 answer:
Answer:
Future Value= $17,170.12
Step-by-step explanation:
Giving the following information:
Monthly deposit (A)= $70
Interest rate (i)= 0.04/12= 0.0033
Number of periods (n)= 15*12= 180 months
<u>To calculate the future value (amount saved), we need to use the following formula:</u>
FV= {A*[(1+i)^n-1]}/i
A= monthly deposit
FV= {70*[(1.0033^180) - 1]} / 0.0033
FV= $17,170.12
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