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
This is a working backwards problem. You know he has $35 at the end. Before he gave his brother $5, he would have $40, which is half of what he had before he bought the clothes, so he would have had $80. Before he spent the $40 on shoes, he would have had $120, so the answer is $120.
Idk I’m sorry I would love too help you