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sarbjit879
23.10.2020 •
Mathematics
Sherwin wants to attend a two-year college with an annual tuition of $6,425. For his savings plan, he invested $5,000 in an account that earns 3.75% interest He deposits an additional $100 per month for four years. What is the difference between his two-year tuition and the value in his savings account?
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Ответ:
Instructions are below.
Step-by-step explanation:
Giving the following information:
Total tuition= 6,425*2= $12,850
First, we need to calculate the future value of the initial investment:
FV= PV*(1+i)^n
PV= 5,000
n= 4*12= 48
i= 0.0375/12= 0.003125
FV= 5,000*1.003125^48
FV= $5,807.81
Now, the future value of the monthly deposit:
FV= {A*[(1+i)^n-1]}/i
A= monthly deposit
FV= {100*[(1.003125^48) - 1]} / 0.003125
FV= $5,170
Total FV= 5,807.81 + 5,170= $10,977.81
Finally, the difference:
Difference= 10,977.81 - 12,850= -$1,872.19
Ответ:
Step-by-step explanation:
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