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- The contribution of the friend's company is of: $60.
- The account's balance after 20 years will be of: $130,694.36.
- The total deposits after 20 years are given as follows: $28,800 by the friend and $14,400 by the company.
- The interest earned during this entire period was of: $87,494.36.
The balance is obtained using the future value formula, which is presented as follows:
The meaning of each parameter is explained as follows:
- P is the total month deposit.
- r is the interest rate.
- n is the number of coupoundings per period, that is, compoundings per year.
- t is the number of years.
The deposits will be of:
- Friend: $120.
- Company: $60, as it is half of the friend.
Then the parameter P is of:
P = 120 + 60 = 180.
The remaining parameters to obtain the balance after 20 years are given as follows:
r = 0.03, n = 12, t = 20.
Then the balance after 20 years is obtained as follows:
B = $130,694.36.
The total deposits will be of:
- Friend: 120 x 20 x 12 = $28,800.
- Company: half of friend -> $14,400.
The interest accrued is the balance subtracted by the total deposits, hence:
130694.36 - (28800 + 14400) = $87,494.36.
A similar problem, also featuring the future value formula, is presented at brainly.com/question/24703884
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Step-by-step explanation:
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