Brody deposits $8,700 every year into an account earning an annual interest rate of 7.9% compounded annually. How much would he have in the account after 14 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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Brody deposits  $8,700 every year into an account earning an annual interest rate of  7.9% compounded annually. How much would he have in the account after 14 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: Identify the variables from the problem. We are given: d = $8,700 (the amount invested at the end of each period) i = 7.9% or 0.079 (the interest rate per period) n = 14 (the number of periods) We need to find A, the future value of the account after n periods.Convert interest rate: Convert the percentage interest rate to a decimal. i = 7.9% = 7.9/100 = 0.079Substitute values: Substitute the values into the compound interest formula. A = d * (((1 + i)^n - 1) / i) A = $8,700 * (((1 + 0.079)^14 - 1) / 0.079)Calculate compound factor: Calculate the compound factor (1 + i)^n. (1 + i)^n = (1 + 0.079)^14 (1 + i)^n ≈ 2.85311670611 (using a calculator)Calculate numerator: Calculate the numerator of the formula: ((1 + i)^n - 1). ((1 + i)^n - 1) ≈ 2.85311670611 - 1 ((1 + i)^n - 1) ≈ 1.85311670611Divide by interest rate: Divide the result from Step 5 by the interest rate i. (1.85311670611) / 0.079 ≈ 23.4565418482Multiply by amount: Multiply the result from Step 6 by the amount deposited annually (d). A ≈ $8,700 * 23.4565418482 A ≈ $204,071.9120794Round future value: Round the future value of the account to the nearest dollar. A ≈ $204,072

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