Ask Question
22 September, 09:10

A service contract for a video projection system costs $70 a year. you expect to use the system for five years. instead of buying the service contract, what would be the future value of these annual amounts after five years if you earn 3 percent on your savings?

+1
Answers (1)
  1. 22 September, 12:19
    0
    The value of $70.00 invested each year for five years, at an annual interest rate of 3% is as follows, and assumes the interest is left in the account at the end of each year. Principal Interest balance at end of year Year 1 $ 70.00 $ 2.10 $ 72.10 Year 2 $142.10 $ 4.20 $146.30 Year 3 $216.30 $ 6.49 $222.79 Year 4 $292.79 $ 8.79 $301.58 Year 5 $371.58 $11.14 $382.72 - final value at the end of five years
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “A service contract for a video projection system costs $70 a year. you expect to use the system for five years. instead of buying the ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers