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Ivenika [448]
2 years ago
3

alfred invest $60 a month in annuity that earns 4% ApR and is compounded monthly .what is the future value of alfreds accoint in

five years​

Mathematics
2 answers:
AnnyKZ [126]2 years ago
7 0

Answer:

Step-by-step explanation:

shusha [124]2 years ago
4 0

Answer:

$934.30

Step-by-step explanation:

We have been given that Alfred invest $60 a month in annuity that earns 4% APR and is compounded monthly. We are asked to find the future value of Alfred's account after 5 years.

FV=C_0\cdot (1+r)^n, where,

C_0=\text{Initial value},

r=\text{APR in decimal form},

n=\text{Number of times interest is compounded per year}.

r=4\%=\frac{4}{100}=0.04

FV=\$60\cdot (1+0.04)^{12*5}

FV=\$60\cdot (1.04)^{70}

FV=\$60\cdot 15.57161835

FV=\$934.2971

FV\approx \$934.30

Therefore, the future value of Alfred's account in 5 years would be $934.30.

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