Asked by Diana
Martina made deposits of $2,000 at the beginning of each year for four years. The rate she earn is 5% annually. What's the value of Marina's account in four years?
a. $8,260.00
b. $11,051.00
c. $9,051.20
d. $8,260.20
My answer is D.
a. $8,260.00
b. $11,051.00
c. $9,051.20
d. $8,260.20
My answer is D.
Answers
Answered by
Damon
r = 0.05
2,000 [(1+r)^n - 1] / r ]
=2,000 [ (1.05^4) - 1] / 0.05
= 11051.26
2,000 [(1+r)^n - 1] / r ]
=2,000 [ (1.05^4) - 1] / 0.05
= 11051.26