RainbowSapphire7748 RainbowSapphire7748

24-03-2020
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An ATM with a service fee of $2 is used by a person 100 times in a year. What would be the future value in 10 years (use a 3 percent rate) of the annual amount paid in ATM fees?

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isiakupatrick isiakupatrick

27-03-2020

Answer:$2.699

Explanation: Using the compound interest formula :

Future value FV = P(1+r/n)^nt

Where FV=?

P= 2

r=0.03

n=100

t= 10

Plugging the values, we get

FV = 2(1+0.03/100)^100*10

FV = 2(1+0.0003)^1000

FV= 2(1.0003)^1000

FV= 2(1.35)

FV = 2.7

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