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Sagot :
After 20 years, the amount of Money Amelia would have more than Melanie would be $181,551.37.
What is the future value of Melanie's account?
The formula for calculating future value:
FV = P (1 + r) nm
- FV = Future value
- P = Present value
- R = interest rate = 4 1/2 ÷ 4 = 1.125%
- m = number of compounding = 4
- N = number of years
9800(1 + 0.0125)^80 = 23,983.29
What is the future value of the amount in Amelia's account?
the formula for calculating future value when there is continuous compounding is : A x e^r x N
Where:
- A= amount
- e = 2.7182818
- N = number of years
- r = interest rate
9800 e^0.0475 x 20 = 205,534.66
Difference = 205,534.66 - 23,983.29 = $181,551.37
To learn more about future value, please check: https://brainly.com/question/18760477
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