Madeline and jonathan want to purchase a home in eight years. they will contribute $450 each month to a savings account with 4.15% interest compounded quarterly. what is the future value of this investment when madeline and jonathan need to make a down payment? (show work)
a= $16,975.13
b= $50,925.38
c= $51,453.73

the answer is:

the correct option:

b.

to solve the problem, we need to remember how to operate to simplify exponential expressions using the logarithms.

we are given the equation:

then, using placing logarith with base 7 on both sides of the equation, we have:

so, rounding the obtained result to two decimal places (nearest hundreth), we have:

hence, we have that the correct option:

b.

have a nice day!