## $765.13 is deposited at the end of each month for 3 years in an account paying 2% Interest compounded monthly. Find the final amount of the

Question

$765.13 is deposited at the end of each month for 3 years in an account paying 2% Interest compounded monthly. Find the final amount of the account. Round to the nearest

cent

O A. $27,598.32

OB. $28,363,45

OC. $29,128.58

OD. $26,787.27

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2021-09-14T05:56:46+00:00
2021-09-14T05:56:46+00:00 1 Answer
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## Answers ( )

Answer:Option B.

Step-by-step explanation:The future value formula, for an annuity, is:

An annuity means that a number of payments happen during the period(an year, for example).

P is the value of the deposit, r is the interest rate, as a decimal, and n is the number of deposits.

In this question:Deposits of $765.13, so

Each month, for 3 years. An year has twelve months, so

2% Interest a year. An year has 12 months, so

Find the final amount of the account.The final amount of the account will be $28,363.46, which is option B.