Question

Calculate the amount of money​ you'll have at the end of the indicated time period. You...

Calculate the amount of money​ you'll have at the end of the indicated time period. You invest ​$3000 in an account that pays simple interest of 2​% for 30 years.

Math   Statistics-And-Probability   
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Answer #1

Solution,

Given,

Annual Installment (A) = $3000

Interest Rate (r) = 2%

Period (n) = 30yrs

Future Value = A[{(1 + r)n - 1} / r]

= 3000 [{(1 + 0.02)30 - 1} / 0.02]

= 3000 [0.8113615841 / 0.02]

                    = 3000 * 40.5680

                    = 121,704

You'll have $ 121,704 at the end of the indicated time period.

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