Mathematics, 23.07.2019 00:30 kelli151
The present value of the money in your savings account is $420, and you're receiving 3% annual interest compounded monthly. what is the future value in two months? a. $426 b. $422.10 c. $432.60 d. $424.11 incorrect answer-c. $432.60 correct answer-b. $422.10$420 + 3% = 12.60$12.60/ 12 months (annual interest) = $1.05$1.05 x 2 = $2.10$420 + $2.10 = $422.10
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