Mathematics, 02.07.2019 05:00 hannahgracew12
Jorgen made deposits of $250 at the end of each year for 12 years. the rate received was 6% annually. what's the value of the investment after 12 years? a. $3,000 b. $2,028 c. $4,200 d. $4,217.48
Answers: 1
![\bf ~~~~~~~~~~~~\textit{Future Value of an ordinary annuity}\\ ~~~~~~~~~~~~(\textit{payments at the end of the period}) \\\\ A=pymnt\left[ \cfrac{\left( 1+\frac{r}{n} \right)^{nt}-1}{\frac{r}{n}} \right]](/tpl/images/0041/3101/05b57.png)
![\bf A=250\left[ \cfrac{\left( 1+\frac{0.06}{1} \right)^{1\cdot 12}-1}{\frac{0.06}{1}} \right]\implies A=250\left(\cfrac{1.06^{12}-1}{0.06} \right) \\\\\\ A\approx 250(16.86994)\implies A\approx 4217.485](/tpl/images/0041/3101/37f07.png)
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Jorgen made deposits of $250 at the end of each year for 12 years. the rate received was 6% annually...
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