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10 January, 06:29

A home improvement firm has quoted a price of? $9,800 to fix up? eric's backyard. five years? ago, eric put? $7,500 into a home improvement account that has earned an average of? 5.25% per year. does eric have enough money in his account to pay for the backyard fixminus? up?

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  1. 10 January, 09:20
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    The amount of money that Eric will have after 5 years given the initial amount and the interest per year (which we will assume to be compounded)

    F = P x (1 + r) ^n

    Substituting,

    F = ($7,500) (1 + 0.0525) ^5

    F = $9,686

    Therefore, Eric will be short of about $113.39.
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Home » Business » A home improvement firm has quoted a price of? $9,800 to fix up? eric's backyard. five years? ago, eric put? $7,500 into a home improvement account that has earned an average of? 5.25% per year.
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