Suppose you invest $75 a month in an annuity that earns 3% apr compounded monthly. how much money will you have in this account after 3 years?

a. $2650.00
b. $2821.54
c. $4750.25
d. $4745.70

Option B. $2821.54

Step-by-step explanation:

we know that

The formula for the future value of an ordinary annuity is equal to:

where

is the future value

is the periodic payment

is the interest rate in decimal form

is the number of times the interest is compounded per year

is the number of years

In this problem we have

Substitute in the formula above

answer: a

step-by-step explanation:

if xy ~ yz therefore xy would be the same length as yz