Mathematics, 30.05.2020 01:58 flamingo2279

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

Answers: 2

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Suppose you invest $50 a month in an annuity that earns 48% APR compounded monthly. How much money w...

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More questions: Mathematics Another questions

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

Answers

Another question on Mathematics

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