Gretchen starts to save at age 20 for an extended vacation around the world that she will take on her 40th birthday. She will co
ntribute $1000 each year to the account, which earns 1.75% annual interest, compounded quarterly. What is the future value of this investment when she takes her trip?
A. $21,075.22
B. $23,884.84
C. $25,721.57
D. $32,066.31
A. $21,075.22
B. $23,884.84
C. $25,721.57
D. $32,066.31
1 answer:
You might be interested in
Answer:
Altogether Gavin and Jim won £95.
Step-by-step explanation:
We are given the following in the question:
Ratio of money won by Gavin and Jim = 5:2
Gavin gets £39 more than Jim.
Let x be the amount of money Won by Jim.
Then, money won by Gavin =
Thus, we can write the equation:
Solving, we get,
Thus, Gavin won £65 and Jim won £26.
Money won altogether =
Thus, altogether Gavin and Jim won £95.