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Jim works overtime to save $500 per month for a pickup truck. The savings account Jim uses earns him 5% interest, compounded monthly.

In two years, Jim will have___in savings. He will have earned ___
in interest on his savings.

Respuesta :

GatikaSuneel

Answer:

Blank1= C:12.593

Blank2= C:593

Step-by-step explanation:

First we need to remember the equation for future value of annuity

FV=C(((1+i)ⁿ-1)/i

PV is 500

i=0,05/12=0,004

n=24 months

FV=500((1+0,0041)²⁴-1)/0,004

FV=12.593

If the total of payments were 500x24=12.000

it means for interest is 593

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