Question

helpp
Jodie wants to take a trip around the world. She plans to deposit $200 at the beginning of each month into an investment with a 2.75% interest rate, compounded monthly. How much will she have in the account after 10 years?

$27,588.35

$27,651.57

$181,316.54

$186,302.74

Answer 1

@mathstudent55 @NaCl

Answer 2

@ankit042

Answer 3

@amistre64

Answer 4

Answer my questions
what is the interest rate, PMT and number of periods?

Answer 5

http://www.wolframalpha.com/input/?i=M%3D200(1%2B(0.0275)%2F(12))%5E(12*10)&t=crmtb01

Answer 6

@ankit042 interest rate = 2.75%

Answer 7

@NaCl that isnt an answer choice?

Answer 8

what about other things?

Answer 9

@ankit042 i dont know the other things holdon

Answer 10

p = 200?

Answer 11

t = 10 years

Answer 12

thats all i know

Answer 13

your interest is for each month in the question, also can you see what is the annuity(PMT)

Answer 14

i dont know this can you help

Answer 15

FV = PV(1+i/n)^(nt) n=times per year, t=years I know the formula but i cant solve it

Answer 16

@mathstudent55

Answer 17

i got that one

Answer 18

This is annuity problem this formula will not work here. We have annuity of $200 each month. Using excel you can easily find this. It comes out be C