Sydney invests $100 every month into an account that pays 5% annual interest, compounded monthly. Benny invests
Question:
a. Determine the amount in Sydney's account after 10 years.
b. Determine the amount in Benny's account after 10 years.
c. Who had more money in the account after 10 years?
d. Determine the amount in Sydney's account after 20 years.
e. Determine the amount in Benny's account after 20 years.
f. Who had more money in the account after 20 years?
g. Write the future value function for Sydney's account.
h. Write the future value function for Benny's account.
i. Graph Benny and Sydney's future value function on the same axes.
j. Explain what the graph indicates. Future Value
Future value (FV) is the value of a current asset at a future date based on an assumed rate of growth. The future value (FV) is important to investors and financial planners as they use it to estimate how much an investment made today will be worth...
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a b c 1552823 1463568 so Sydney had more money d e f 4712163 4110337 so Benny had more money g h i ...View the full answer
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Related Book For 
Financial Algebra advanced algebra with financial applications
ISBN: 978-0538449670
1st edition
Authors: Robert K. Gerver
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