Problema Solution
Find the future value of an ordinary annuity, if payments are made of $525 and the interest is 4.75% compounded annually for 7 years.
Answer provided by our tutors
P = principal amount (the initial amount you borrow or deposit)
r = annual rate of interest (as a decimal)
t = number of years the amount is deposited or borrowed for.
A = amount of money accumulated after n years, including interest.
n = number of times the interest is compounded per year
a=p(1+ (r/n))^nt
a=525(1+0.0475)^7
a=726.503
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