Mathematics

Jeter

7 November, 22:32

Suppose you invest $50 a month in an annuity that earns 48% APR compounded monthly. How much money will you have in this account after 2 years?

A: 2001.29

B: 751.29

C: 1954.13

D: 1536.19

Solution:

use formula P[ ((1 + (r/n) ^ (nt)) - 1) / (r/n) ]

Solution 50[ ((1 + (0.48/12) ^ (2 x 12)) - 1) / (0.48/12) ]

= C $1954.13

+3

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