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> 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?
 one year ago
 one year 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?
 one year ago
 one year ago

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gandalfwizBest ResponseYou've already chosen the best response.0
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
 one year ago

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

LovePinkBest ResponseYou've already chosen the best response.0
okay i got $59,689.00
 one year ago

gandalfwizBest ResponseYou've already chosen the best response.0
Let me work it out...
 one year ago

gandalfwizBest ResponseYou've already chosen the best response.0
I got 1054.08... when you multiplied by the rate, did you do 5.27 or .0527 ?
 one year ago
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