A community for students.
Here's the question you clicked on:
 0 viewing
anonymous
 4 years ago
Grace starts to save at age 20 for an extended vacation around the world that she will take on her 45th birthday. She will contribute $250 four times each year to the account, which earns 1.85% annual interest, compounded annually. What is the future value of this investment when she takes her trip?
anonymous
 4 years ago
Grace starts to save at age 20 for an extended vacation around the world that she will take on her 45th birthday. She will contribute $250 four times each year to the account, which earns 1.85% annual interest, compounded annually. What is the future value of this investment when she takes her trip?

This Question is Closed

anonymous
 4 years ago
Best ResponseYou've already chosen the best response.0hi if the account has daily return calculation : fv = 250 * (((1+1.85 % / 4)^ 25*4)  1 ) / (1.85% /4) fv = 250 * 126.778 = 31,694 $ but if account compounds at the end of year : fv = 1,000 * (((1+ 1.85%)^25)  1) / 1.85% fv= 1,000 * 31.423 = 31,423 $ hope it helps
Ask your own question
Sign UpFind more explanations on OpenStudy
Your question is ready. Sign up for free to start getting answers.
spraguer
(Moderator)
5
→ View Detailed Profile
is replying to Can someone tell me what button the professor is hitting...
23
 Teamwork 19 Teammate
 Problem Solving 19 Hero
 Engagement 19 Mad Hatter
 You have blocked this person.
 ✔ You're a fan Checking fan status...
Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.