Question

Hello I'm wondering you are able to help me with this math question on my homework thank you

Answer 1

Given:

Each yearly payment = P = $680

The rate of the interest = r = 5.6% = 0.056

Compunded annually, n = 1

Time = t = 17 years

We will find the value at the end of the time using the following formula:

`A=P*(((1+(r)/(n))^(nt)-1))/((r)/(n))`

substitute with the given values:

`\begin{gathered} A=680*(((1+0.056)^(17)-1))/(0.056) \\ \\ A\approx18,519.63819 \end{gathered}`

Rounding to the nearest cent

So, the answer will be:

A = 18519.64