Question

Algebra ll please help

Answer 1

The formula to obtain the future value (FV) is,

`FV=PV(1+(r)/(n))^(nt)`

Where,

`\begin{gathered} FV=\text{Future Value=?} \\ PV=\text{Present Value = \$5000} \\ r=4.2\text{ \%=}\frac{\text{4.2}}{100}=0.042 \\ n=12 \\ t=n\text{umber of years }=5\text{years} \end{gathered}`

Therefore,

`\begin{gathered} FV=5000(1+(0.042)/(12))^(12*5)=5000(1+0.0035)^(60) \\ FV=5000(1.0035)^(60)=5000*1.233225821=6166.129106 \\ FV=6166.129106\approx6166.13(nearest\text{ cent)} \\ \therefore FV=\text{ \$6166.13} \end{gathered}`

ence, there will be $6`166.13 in the account after 5years.