Answer:
$1,774.2
Explanation:
Compute the accumulated amount in the account on the date of last deposit'
Formula used to find out the future value ordinary annuity is:
Future value factor of ordinary annuity [tex](FVF-0A =_{n,i} ) = \frac{1-(1+i^)^ {n} }{i}[/tex]
1- oily Future value of ordinary annuity [tex](FV-OA) = R (FVF-0A_{n,i} )[/tex]
Where:
R = annual return (ordinary annuity)
[tex](FVF-0A_{n,i} )[/tex] = future value of an ordinary annuity of I for n periods at i interest
Substituting the values:
Future value of ordinary annuity [tex](FV-OA) = R (FVF-0A_{n,i} )[/tex]
= [tex]$50 (FVF-OA 12_{2.5X 12\frac{12}{12} } )[/tex]
=[tex]$50 X 34.7849[/tex]
[tex]51 X 34.7849\\=1,774[/tex]
