Mathematics, 18.07.2019 23:00 harleycochran2ovyt3n
Suppose you invest $50 a month in an annuity that earns 4% apr compounded monthly. how much money will you have in this account after 3 years?
Answers: 1
![FV=P[ \frac{(1+ \frac{r}{n} )^{nt} -1}{ \frac{r}{n} } ]](/tpl/images/0105/7042/dc786.png)
is the future value
is the periodic payment
is the interest rate in decimal form
is the number of times the interest is compounded per year
is the number of years
and 
. To convert the interest rate to decimal form, we are going to divide the rate by 100%
.![FV=50[ \frac{(1+ \frac{0.04}{12} )^{(12)(3)} -1}{ \frac{0.04}{12} } ]](/tpl/images/0105/7042/67914.png)
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Suppose you invest $50 a month in an annuity that earns 4% apr compounded monthly. how much money wi...
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