Question
You plan to save $1,250 at the end of each of the next three years to pay for a vacation. If you can invest it at 7 percent, how much will you have at the end of three years?
145
likes726 views
Answer to a math question You plan to save $1,250 at the end of each of the next three years to pay for a vacation. If you can invest it at 7 percent, how much will you have at the end of three years?
Lurline
4.6107 Answers
FV = P * [((1 + r)^n - 1) / r]
where:
P is the amount of each payment ($1,250 in this case),
r is the interest rate per period (7% or 0.07 in this case), and
n is the number of periods (3 years in this case).
Substituting these values into the formula gives:
FV = $1,250 * [((1 + 0.07)^3 - 1) / 0.07]
FV = $4018.63
Frequently asked questions (FAQs)
Question: What is the median of a set with odd number of elements, where the first quartile is 12, the third quartile is 28, and the range is 45?
+
What is the maximum value of the cosine function f(x) = cos(x) for x in the interval [0, 2π]?
+
Math Question: For the triangles ABC and DEF, if angle A = angle D, side AB = side DE, and side BC = side EF, can we conclude they are congruent? Justify your answer using triangle congruence criteria. (
+
New questions in Mathematics