Kiran deposits $380 every month into an account earning a monthly interest rate of 0.35%. How much would he have in the account after 7 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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Kiran deposits  $380 every month into an account earning a monthly interest rate of  0.35%. How much would he have in the account after 7 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 have: d = $380 (the amount invested at the end of each period) i = 0.35% per month (the interest rate per period) n = 7 years * 12 months/year = 84 months (the number of periods) A = ? (the future value of the account we want to find)Convert interest rate: Convert the interest rate from a percentage to a decimal. i = 0.35% = 0.35/100 = 0.0035Calculate future value: Use the formula to calculate the future value of the account. A = d * (((1 + i)^(n) - 1) / i)Plug in values: Plug in the values and calculate the future value. A = 380 * (((1 + 0.0035)^(84) - 1) / 0.0035)Calculate exponentiation: Calculate the value inside the parentheses and the exponent. (1 + 0.0035)^(84) = 1.0035^(84)Continue calculation: Calculate the exponentiation. 1.0035^(84) ≈ 1.3485 (rounded to four decimal places for simplicity)Calculate numerator: Continue with the calculation of A. A = 380 * ((1.3485 - 1) / 0.0035)Calculate future value: Calculate the numerator of the fraction. 1.3485 - 1 = 0.3485Perform division: Calculate the future value A. A = 380 * (0.3485 / 0.0035)Multiply deposit amount: Perform the division. 0.3485 / 0.0035 ≈ 99.5714Calculate final amount: Multiply by the monthly deposit amount. A = 380 * 99.5714Round final amount: Calculate the final amount. A ≈ 37837.13Round the final amount to the nearest dollar. A ≈ $37837

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