Mathematics, 15.07.2019 04:30 kaliloabousjbf
Annabelle wants to make the most economical decision, so she chooses the 3- year car loan so that after the loan is paid off, she’ll be able to invest in a structured savings account. if annabelle put $200 into a savings account each month with an annual interest rate of 3.2% interest compound monthly, how much money would she have in her account after 2 years?
Answers: 1
![\bf ~~~~~~~~~~~~\textit{Future Value of an ordinary annuity}\\ ~~~~~~~~~~~~(\textit{payments at the end of the period}) \\\\ A=pymnt\left[ \cfrac{\left( 1+\frac{r}{n} \right)^{nt}-1}{\frac{r}{n}} \right]](/tpl/images/0091/1942/e010d.png)
![\bf A=200\left[ \cfrac{\left( 1+\frac{0.032}{12} \right)^{12\cdot 2}-1}{\frac{0.032}{12}} \right] \\\\\\ A= 200\left( \cfrac{(1.002\overline{66})^{24}-1}{0.002\overline{66}} \right)\implies A\approx 4950.1193](/tpl/images/0091/1942/5ef34.png)
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Annabelle wants to make the most economical decision, so she chooses the 3- year car loan so that af...
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