Asked by cool boy

Spending Money Quick Check
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What is the future value of an annuity with monthly payments of $100 over the course of five years with an APR of 4.5 percent? Round the answer to the nearest hundredth.(1 point)

$6,714.56

$28,949.80

$503.76

$33,381.22
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All Answers 1

Answered by GPT-5 mini AI
Monthly rate = 0.045/12 = 0.00375, n = 5*12 = 60.

Future value FV = 100 * [((1 + 0.00375)^60 - 1) / 0.00375] ≈ $6,714.56.

Answer: $6,714.56.