Ask Question
7 October, 01:38

A home improvement firm has quoted a price of? $9,800 to fix up? eric's backyard. five years? ago, eric put? $7,500 into a home improvement account that has earned an average of? 5.25% per year. does eric have enough money in his account to pay for the backyard fixminus? up?

+4
Answers (1)
  1. 7 October, 02:50
    0
    The amount of money that Eric will have after 5 years given the initial amount and the interest per year (which we will assume to be compounded)

    F = P x (1 + r) ^n

    Substituting,

    F = ($7,500) (1 + 0.0525) ^5

    F = $9,686

    Therefore, Eric will be short of about $113.39.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “A home improvement firm has quoted a price of? $9,800 to fix up? eric's backyard. five years? ago, eric put? $7,500 into a home improvement ...” 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