Question: Write a equation that would help you calculate the future value of a savings account that pays 2.6% interest compounded monthly if the present value

  1. Write a equation that would help you calculate the future value of a savings account that pays 2.6% interest compounded monthly if the present value is $6,200. You will keep the savings account for 10 years and make no payments into it. (6.2)

a. FV = 6,200 (1 + 0.026/12) ^ (12*10)

b. FV = 6,200 (1 + 2.6/12) ^ (12*10)

c. FV = 6,200 (1 + 0.026) ^ (12*10)

d. FV = 6,200 (1 + 0.026/12) ^ (12)

e. None of the above

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