Ai Mi deposits $910 every month into an account earning an annual interest rate of 3.9% compounded monthly. How much would she have in the account after 13 years, to the nearest dollar? Use the following formula to determine your answer. A=d(((1+i)^(n)-1)/(i)) A= the future value of the account after n periods d= the amount invested at the end of each period i= the interest rate per period n= the number of periods Answer:

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Ai Mi deposits  $910 every month into an account earning an annual interest rate of  3.9% compounded monthly. How much would she have in the account after 13 years, to the nearest dollar? Use the following formula to determine your answer.  A=d(((1+i)^(n)-1)/(i))  A= the future value of the account after  n periods  d= the amount invested at the end of each period  i= the interest rate per period  n= the number of periods Answer:

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Identify Variables: First, let's identify the variables needed to use the formula A=d(((1+i)^(n)-1)/(i)): d = $910 (monthly deposit) i = 3.9% annual interest rate compounded monthly, which needs to be converted to a monthly rate by dividing by 12 n = 13 years, but since the compounding is monthly, we need to multiply by 12 to get the number of periodsCalculate Monthly Interest Rate: Now, let's calculate the monthly interest rate (i): i = annual interest rate / 12 i = 3.9% / 12 i = 0.039 / 12 i = 0.00325Calculate Number of Periods: Next, we calculate the number of periods (n): n = years * 12 (since the deposits are monthly) n = 13 * 12 n = 156Calculate Future Value: Now we can use the formula to calculate the future value of the account (A): A = d * (((1 + i)^(n) - 1) / i) A = 910 * (((1 + 0.00325)^(156) - 1) / 0.00325)Calculate Inside Parentheses: Let's calculate the part inside the parentheses first: (1 + i)^(n) - 1 (1 + 0.00325)^(156) - 1Calculate Exponential Value: Now, we calculate (1 + 0.00325)^(156): (1 + 0.00325)^(156) ≈ 1.647Subtract One: Subtract 1 from the result: 1.647 - 1 ≈ 0.647Divide by i: Now we divide this result by i: 0.647 / 0.00325 ≈ 199.0769Multiply by d: Finally, we multiply this result by d to get A: A = 910 * 199.0769 A ≈ 181155.979Round Final Amount: Since we need to round to the nearest dollar, the final amount in the account will be: A ≈ $181,156

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