1. Dahlia invested $300 at the end of each month into a fund that pays 3.6 % per year, compounded- monthly. a) Use a timeline to determine the future value of the annuity after five months./ 1s Payment 2nd Payment 3rd Payment 4th Payment 5th Payment Now Total Future Value b) Use Future Value formula and find how much amount will Dahlia have in 5 years if the annual interest rate remains the same. Show all your work. c) How much interest will Dahlia earn in 5 years?
1. Dahlia invested $300 at the end of each month into a fund that pays 3.6 % per year, compounded- monthly. a) Use a timeline to determine the future value of the annuity after five months./ 1s Payment 2nd Payment 3rd Payment 4th Payment 5th Payment Now Total Future Value b) Use Future Value formula and find how much amount will Dahlia have in 5 years if the annual interest rate remains the same. Show all your work. c) How much interest will Dahlia earn in 5 years?
Chapter6: Exponential And Logarithmic Functions
Section: Chapter Questions
Problem 5RE: A retirement account is opened with an initialdeposit of 8,500 and earns 8.12 interest compounded...
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