$400 \left[ \frac { 1.06 ^ { n } - 1 } { 0.07 } \right]$
for $n = 221$
A) 2,109,853,543
B) 223,643,904
C) 2,236,439,042
D) 210,985,354

Question

Quizplus · Accepted Answer

The given expression is a formula for calculating the future value of a series of payments (annuities). To find the correct answer, substitute $n = 221$ into the formula and calculate the result. The calculation involves raising 1.06 to the power of 221, subtracting 1 from the result, and then dividing by 0.07, before finally multiplying by 400. The correct answer is approximately 2,236,439,042, which matches option C.

400[1.06n−10.07]400 \left[ \frac { 1.06 ^ { n } - 1 } { 0.07 } \right]400[0.071.06n−1​]

$400 \left[ \frac { 1.06 ^ { n } - 1 } { 0.07 } \right]$