Pedro deposits $880 every month into an account earning a monthly interest rate of 0.675%. How much would he have in the account after 6 months, 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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Pedro deposits  $880 every month into an account earning a monthly interest rate of  0.675%. How much would he have in the account after 6 months, 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 Given Values: Identify the given values from the problem. We are given: d (the amount invested at the end of each period) = $880 i (the interest rate per period) = 0.675% or 0.00675 in decimal form n (the number of periods) = 6 months We will use these values in the formula A=d(((1+i)^(n)-1)/(i)) to find A, the future value of the account after n periods.Convert Interest Rate: Convert the interest rate from a percentage to a decimal. 0.675% as a decimal is 0.675 / 100 = 0.00675.Substitute Values: Substitute the values into the formula. A = 880 * (((1 + 0.00675)^(6) - 1) / 0.00675)Calculate Inside Parentheses: Calculate the value inside the parentheses. Calculate (1 + 0.00675)^(6) first. (1 + 0.00675)^(6) ≈ 1.040911Subtract Result: Subtract 1 from the result obtained in Step 4. 1.040911 - 1 = 0.040911Divide by Interest Rate: Divide the result from Step 5 by the interest rate. 0.040911 / 0.00675 ≈ 6.059407Multiply by Amount: Multiply the result from Step 6 by the amount invested per period. 880 * 6.059407 ≈ 5332.23816Round to Nearest Dollar: Round the result to the nearest dollar. The future value of the account after 6 months, rounded to the nearest dollar, is approximately $5332.

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