anonymous
  • anonymous
---> Every month, Tristan deposits $488 into an interest-bearing 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?
Mathematics
jamiebookeater
  • jamiebookeater
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anonymous
  • anonymous
There's a formula that can help with this: P=C(1+r)^t P=future price C=current price r= interest rate t=time
anonymous
  • anonymous
This will give you the interest after 15 years-- is that what is means by value of investment?
anonymous
  • anonymous
okay i got $59,689.00

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anonymous
  • anonymous
yes
anonymous
  • anonymous
Let me work it out...
anonymous
  • anonymous
k
anonymous
  • anonymous
I got 1054.08... when you multiplied by the rate, did you do 5.27 or .0527 ?
anonymous
  • anonymous
0.0527

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