Mathematics, 19.07.2019 19:30 okitsfrizz2323
Xavier deposits $6 daily into an interest bearing account to save for renovations. the account earns 4.57% which compounds annually. what is the present value of the investment if xavier renovates in five years?
Answers: 1
![PV=P[ \frac{1-(1+ \frac{r}{n})^{-kt} }{ \frac{r}{n} } ]](/tpl/images/0108/9412/edc52.png)
is the present value 
is the periodic payment
is the number of times the interest is compounded per year 
is the number of payments per year 
is the number of years 
and 
. To convert the interest rate to decimal form, we are going to divide the rate by 100%
. We also know that Xavier renovates in five years, so ![PV=6[ \frac{1-(1+ \frac{0.0457}{1})^{-(365)(5)} }{ \frac{0.0457}{1} } ]](/tpl/images/0108/9412/32870.png)
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Xavier deposits $6 daily into an interest bearing account to save for renovations. the account earns...
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