Mathematics, 17.07.2019 13:00, karly8108
For 7 years, sheri deposits $3350 at the end of each year into an account that earns 19.7% per year compounded annually. determine the interest earned.
Answers: 1
![\bf ~~~~~~~~~~~~\textit{Future Value of an ordinary annuity}\\ ~~~~~~~~~~~~(\textit{payments at the end of the period}) \\\\ A=pymnt\left[ \cfrac{\left( 1+\frac{r}{n} \right)^{nt}-1}{\frac{r}{n}} \right] \\\\\\ ~~~~~~ \begin{cases} A=\textit{accumulated amount}\\ pymnt=\textit{periodic payments}\to &3350\\ r=rate\to 19.7\%\to \frac{19.7}{100}\to &0.197\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{annually, thus once} \end{array}\to &1\\ t=years\to &7 \end{cases}](/tpl/images/0100/2601/7ce5b.png)
![\bf A=3350\left[ \cfrac{\left( 1+\frac{0.197}{1} \right)^{1\cdot 7}-1}{\frac{0.197}{1}} \right]\implies A=3350\left[\cfrac{1.197^7-1}{0.197} \right] \\\\\\ A\approx 3350(12.7966673797946)\implies A\approx 42868.8357223119](/tpl/images/0100/2601/9581a.png)
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For 7 years, sheri deposits $3350 at the end of each year into an account that earns 19.7% per year...
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