RainbowSapphire7748 RainbowSapphire7748

24-03-2020
Business

contestada

An ATM with a service fee of $2 is used by a person 100 times in a year. What would be the future value in 10 years (use a 3 percent rate) of the annual amount paid in ATM fees?

Respuesta :

isiakupatrick isiakupatrick

27-03-2020

Answer:$2.699

Explanation: Using the compound interest formula :

Future value FV = P(1+r/n)^nt

Where FV=?

P= 2

r=0.03

n=100

t= 10

Plugging the values, we get

FV = 2(1+0.03/100)^100*10

FV = 2(1+0.0003)^1000

FV= 2(1.0003)^1000

FV= 2(1.35)

FV = 2.7

Answer Link

Otras preguntas

Reducing ___will help you reallocate funds to raise your child.

Please help!!!!!!!!!!

If you were stranded on the ocean in a raft, what would happen if you kept drinking ocean water? your blood would become hypotonic your blood would become hy

In the Prologue of Romeo and Juliet, the Chorus calls Romeo and Juliet “star-crossed lovers.” Explain how this idea of being “star-crossed” relates to both Rome

Why do you think Hitler was NOT the leader Germany was looking for?

What is one contrast robert browning explores in "love among the ruins"?

At low ph, a particular enzyme catalyzes a reaction at a high rate. at neutral ph, the enzyme is completely inactive. what statement best explains the differenc

Which of the following is an example of a material that allows electrons to easily move through it?

Using the drawing, what's the vertex of angle 4

Factor –8x3 – 2x2 – 12x – 3 by grouping. What is the resulting expression? A. (2x2 – 3)(4x + 1) b. (–2x2 – 3)(–4x + 1) c. (2x2 – 3)(–4x + 1) d. (–2x2 – 3)(4