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frosja888 [35]
2 years ago
7

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
Mathematics
1 answer:
SpyIntel [72]2 years ago
5 0

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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