Question
Matt Johnson delivers newspapers and is putting away $17 at the end of each month from his paper route collections. Matt is 13 years old
Matt Johnson delivers newspapers and is putting away $17 at the end of each month from his paper route collections. Matt is 13 years old and will use the money when he goes to college in 5 years. What will be the value of Matt's account in 5 years with his monthly payments if he is earning 4.5% (APR), 8.5% (APR), or 14.5% (APR)?
A- What will be the value of Matt's account in 5 years with his monthly payments if he is earning 4.5% (APR)? (Round to the nearest cent.)
B- What will be the value of Matt's account in 5 years with his monthly payments if he is earning 8.5% (APR)? (Round to the nearest cent.)
C- What will be the value of Matt's account in 5 years with his monthly payments if he is earning 14.5% (APR)? (Round to the nearest cent.)
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