Question 1053994
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Answer:   <font color=red size=4>choice B)  $34,563.54</font>


Explanation:


We won't be using the classic compound interest formula.
This is because Jackson makes periodic deposits rather than one single deposit.


Instead we use the future value of annuity formula.
{{{FV = P*((1+i)^n - 1)/i}}}
where,
FV = future value
P = periodic payment or deposit
i = interest rate per period (decimal form)
n = number of periods


In Jackson's case:
P = 400
i = 0.06/12 = 0.005
n = 12*6 = 72 months


So,
{{{FV = P*((1+i)^n - 1)/i}}}


{{{FV = 400*((1+0.005)^72 - 1)/0.005}}}


{{{FV = 34563.5422793314}}} approximately


{{{FV = 34563.54}}} rounding to the nearest penny


This points us to <font color=red>choice B</font> as the final answer.


Future value of annuity calculator
<a href = "https://www.omnicalculator.com/finance/annuity-future-value">https://www.omnicalculator.com/finance/annuity-future-value</a>
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