Question

Help witha math problem.. Future Value.. thxs..

Evan opens a savings account with $5,000. He deposits $75 every month into the account that compounds annually and has a 0.85% interest rate. What will his account total be in 5 years?

Answer 1

@KeganMoore do you know?

Answer 2

i have lunch sorry :(

Answer 3

its ok.. thxs tho..

Answer 4

@hartnn @Luis_Rivera @.Sam. @waterineyes @mathstudent55 @ajprincess @RadEn @hba
Can someone help me ... :)

Answer 5

After you @ajprincess

Answer 6

please go ahead @waterineyes. I am nt very good in interest related problems

Answer 7

hahaha... i just need some guidance here... like, i dont know which formula to use.. if "ordinary annuity one" or annuity due one"..

Answer 8

\[\large \color{green}{A = P(1 + \frac{r}{n})^{nt}}\]

Sorry, ha ha ha ha..

Answer 9

mmm.... let see

Answer 10

And I think I am also not at all good at interests.. :P @ajprincess

Answer 11

so it will be

Answer 12

where would i put the 75* at?

Answer 13

Yep, something wrong.. :)

Answer 14

:__( I dont get it.. :/

Answer 15

Even I... :(

Answer 16

but u r much better than me @waterineyes

Answer 17

com on you guys... :/

Answer 18

@ajprincess certainly not..

Answer 19

You just searched the question @ajprincess

Wow!!, I said right that you are ahead of me.. :)

Answer 20

soo?

Answer 21

This problem is made up of two parts. You need to find the future value of $5000 and you need to add to it the future value of an $85 periodic monthly payment..

Answer 22

Soo, mathstudent is typing a reply..

Can't you see that??

Ha ha ha ha...

Answer 23

yes.. i could see that...

and thanks.. i got it now... :)
answer is 9793.30
:)