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vlada-n [284]
3 years ago
8

4. James and Terry open a savings account that has a 2.75% annual interest rate, compounded monthly. They

Mathematics
1 answer:
Zinaida [17]3 years ago
3 0

$ 159,744.59 will be in the account after 20 years.

Answer: Option A

<u>Step-by-step explanation:</u>

Need to find out the amount present in the account after 20 years. The formula to find out the future value is,

          \text {Future value}=p \times\left(\frac{\left(1+\frac{r}{n}\right)^{n t}-1}{\frac{r}{n}}\right)

Here  

p : amount deposit monthly =$500

r : rate of interest  = \frac{2.75}{100} = 0.0275

n : 12(compound monthly)

t : time =20

By substituting all the given datas in the above equation, we get

    \text { Future value }=500 \times\left(\frac{\left(1+\frac{0.0275}{12}\right)^{240}-1}{\frac{0.0275}{12}}\right)

    \text {Future value}=500 \times\left(\frac{(1+0.002291)^{240}-1}{0.002291}\right)=500 \times\left(\frac{(1.732)-1}{0.002291}\right)

   \text { Future value }=500 \times\left(\frac{0.732}{0.002291}\right)=500 \times 319.511=\$ 159,744.99

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