Mathematics, 12.11.2019 02:31, msanger7587
If jesus invests $600 per month for 30 years and it earns 8% annual interest compounded monthly, how much will the future value of his investment be worth?
Answers: 2
![\bf \qquad \qquad \textit{Future Value of an ordinary annuity} \\\\ A=pymnt\left[ \cfrac{\left( 1+\frac{r}{n} \right)^{nt}-1}{\frac{r}{n}} \right] \\\\\\ \qquad \begin{cases} A= \begin{array}{llll} \textit{accumulated amount}\\ \end{array}\\ pymnt=\textit{periodic payments}\to &600\\ r=rate\to 8\%\to \frac{8}{100}\to &0.08\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{monthly, thus} \end{array}\to &12\\ t=years\to &30 \end{cases}](/tpl/images/0369/9915/9ff71.png)
![\bf A=600\left[ \cfrac{\left( 1+\frac{0.08}{12} \right)^{12\cdot 30}-1}{\frac{0.08}{12}} \right]](/tpl/images/0369/9915/d69e2.png)
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If jesus invests $600 per month for 30 years and it earns 8% annual interest compounded monthly, how...
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