1. A 5. Jay deposits $500 into an investment account having a 7% annual rate of interest interest is added once at the time Jay closes his account (120 months from the time of his deposit) and is based on the amount he deposited. What is the value of the account at closing? no Formula = A PC?tin - 2.000/ For # 5 above, what is your 3-step strategy when identifying the appropriate formula? Identify the formulas remaining for each step. Each step reduces the number of formulas by one-half. For example: step 1 reduces from eight to four formulas. Do not solve. -- 10 years Ame. $500.00 1. A = P(1 + in) 2.P=TA in 3. A=P(1 + i)" 4. P = (1+i)n 5. A A=R[{1+0)" --] Ai 6. R= (1 + i)n-1 7. AER[4-(1+"] 8. R= 1-(1+i)n 1. 2. 3