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college101

  • one year ago

i got 7651.823 instead of what's in the answer choices, so what am i doing wrong? A grandmother deposited $4,000 in an account that pays 5% per year compounded annually when her granddaughter was born. What will the value of the account be when the granddaughter reaches her 13th birthday? a) $7,552.60 b) $7,502.60 c) $7,562.60 d) $7,542.60 e) $7,582.60

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  1. mwilliamson
    • one year ago
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    FutureValue = StartingValue(r/n +)nt FutureValue = future value of the investment StartingValue = Starting deposit r = interest rate n = times annually interest is compunded t = years of the investment total value including interest . $7542.60

  2. college101
    • one year ago
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    i don't get why you wrote +)nt in the formula. what are you adding with?

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