Suppose You Make Monthly Deposits of P Dollars in a Savings

question 165

Multiple Choice

Suppose you make monthly deposits of P dollars in a savings account at an annual interest rate r , compounded continuously. Find the balance A after t years given that $A = \frac { P \left( e ^ { n } - 1 \right) } { e ^ { t / 12 } - 1 }$ where $P = 60 , r = 3 \%$ ans $t = 40$ years. Round your answer to two decimal places.

• A)$926.89
• B)$111,227.46
• C)$79,583.24
• D)$103,553.26
• E)$55,613.23

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Definitions:

Ethical Behavior

Conduct that is consistent with what society, businesses, and individuals consider to be good values, morals, and principles.

Fundamental Rights

Core legal rights considered essential for the protection and freedom of individuals.

Terminal Values

Preferences about desired end states.

Self-discipline

The ability to control one's feelings and overcome weaknesses; the practice of doing tasks even if one does not want to, showing self-control.