Suppose you invest $50 a month in an annuity that earns 48% APR compounded monthly. How much money will you have in this account after 2 years?
A: 2001.29
B: 751.29
C: 1954.13
D: 1536.19
Solution:
use formula P[ ((1 + (r/n) ^ (nt)) - 1) / (r/n) ]
Solution 50[ ((1 + (0.48/12) ^ (2 x 12)) - 1) / (0.48/12) ]
= C $1954.13
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