The balance after one year if you deposit one $50 envelope each month, all year is $613.95.
<h3>What is the balance after one year?</h3>
The balance after 1 year can be determined using this formula:
Amount deposited monthly x annuity factor
Annuity factor = {[(1+r)^n] - 1} / r
Where:
- r = interest rate = 5% /12 = 0.417%
- n = number of years = 1 x 12 = 12
Annuity factor = 1.004167^12 - 1 / 0.00417 = 12.279082
Balance = 12.279082 x 50 = $613.95
To learn more about annuities, please check: brainly.com/question/24108530
Answer:
40
Step-by-step explanation:
88 inches long would be the answer
Answer:
B
Step-by-step explanation:
