SOLUTION: Future value: Sandra wants to deposit 180 dollars each year for her son. If she places her deposits in a savings account that pay 4% per year, what amount will be in the account in
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Question 986760: Future value: Sandra wants to deposit 180 dollars each year for her son. If she places her deposits in a savings account that pay 4% per year, what amount will be in the account in 22 years?
If she placed it in a savings account that pays 4 percent, the amount that will be in the account in 22 years is? $______
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
P=Po{1+r}^22
r=0.04
P=180{1.04}^22
1.04^22=2.3699
without rounding multiply by 180
P=$426.59
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