Disgust deposits $100 into an account at the end of each month to save up for a new phone. The investment earns 6% interest per year, compounded monthly. How much will the investment be worth after 5 years? $6800.61 $5301.49 $6977.00 $6629.90
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The formula for the future value of an ordinary annuity is: $$FV = P \dfrac{[(1 + i)^n - 1]}{i}$$ where: * FV is the future value of the annuity * P is the payment amount * i is the interest rate per period * n is the number of periods Show more…
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