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natali 33 [55]
2 years ago
14

Barbara wants to restore her '66 Mustang in 4 years. She puts $200 into an account every month that pays 4.5% interest, compound

ed monthly. How much is in the account after 4 years?
Mathematics
1 answer:
Tcecarenko [31]2 years ago
6 0

Answer:

$10496.77

Step-by-step explanation:

We have been given that Barbara puts $200 into an account every month that pays 4.5% interest, compounded monthly.

To find the money in the account after 4 years, we will use future value formula.  

FV=R(\frac{1+\frac{r}{n})^{nt}-1}{\frac{r}{n}}), where,

R = Regular deposits,

r = Interest rate in decimal form

n = Number of times interest in compounded per year,

t = Time in years.

4.5\%=\frac{4.5}{100}=0.045

Substitute given values:

FV=\$200(\frac{1+\frac{0.045}{12})^{12*4}-1}{\frac{0.045}{12}})

FV=\$200(\frac{1+0.00375)^{48}-1}{0.00375})

FV=\$200(\frac{1.00375)^{48}-1}{0.00375})

FV=\$200(1.1968143774194609-1}{0.00375})

FV=\$200(0.1968143774194609}{0.00375})

FV=\$200(52.4838339785229066667)

FV=\$10496.76679570458133334

FV\approx \$10496.77

Therefore, there will be an amount of $10496.77 in the account after 4 years.

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