Based on the information, Christian would have $5525.5 of an annuity.
<h3>How to calculate the annuity?</h3>
According to the given information, the number of coffees per week is 3 then, per month is 3x4 = 12
Each coffee is $4.5. Then monthly expenditure for coffees is 12 x 4.5 = $54
Rate of interest r = 1.6% = 1.6/100 = 0.016 and for monthly compounding r = 0.016/12 = 0.00133
n = number of payments = 8 x 12 = 96
We can use the formula for finding the future value as below
FV = C x [ ( 1 + r )n-1 ] / ( r )
FV = 54 x [ ( 1 + 0.00133 )96 – 1 ] / (0.00133)
= 54 x [ (1.13609 - 1)] / (0.00133)
= 54 x 0.13609 / (0.00133)
= 54 x 102.3233
= 5525.5
Therefore Christian would have $5525.5 of the annuity.
Learn more about annuity on:
brainly.com/question/5303391
#SPJ1
Answer:
4
Step-by-step explanation:
Look at the tenths place to round.
4 and below, round down.
5 and above, round up.
In this case, it’s 5 so round up.
3.50 -> 4
Answer:
Already answered it
Step-by-step explanation:
Answer:
336
Step-by-step explanation:
area = 1/2 * (a + b) * h
Answer:
The answer is A
Step-by-step explanation:
The domain is all the X values and the range is all the Y values. You do this when finding the domain and range of given pairs or a table.
