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LovePink
 2 years ago
> Every month, Tristan deposits $488 into an interestbearing account to save for a down payment on a house. The interest rate on the account is 5.27% compounding annually. What is the present value of the investment if Tristan purchases a house in 15 years?
LovePink
 2 years ago
> Every month, Tristan deposits $488 into an interestbearing account to save for a down payment on a house. The interest rate on the account is 5.27% compounding annually. What is the present value of the investment if Tristan purchases a house in 15 years?

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gandalfwiz
 2 years ago
Best ResponseYou've already chosen the best response.0There's a formula that can help with this: P=C(1+r)^t P=future price C=current price r= interest rate t=time

gandalfwiz
 2 years ago
Best ResponseYou've already chosen the best response.0This will give you the interest after 15 years is that what is means by value of investment?

gandalfwiz
 2 years ago
Best ResponseYou've already chosen the best response.0Let me work it out...

gandalfwiz
 2 years ago
Best ResponseYou've already chosen the best response.0I got 1054.08... when you multiplied by the rate, did you do 5.27 or .0527 ?
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