Mantis saving to buy a new motorcycle. If he deposits $40 at the end of each month in an account that pays an annual interest rate of 4.5%, how much will he have in 15 months? Assume that mpounding is being done monthly Round the final answer to the nearest sont as needed. Round all intermediate values to eight decimal places as needed)

Answer:future value is $693.00Step-by-step explanation:Given dataprincipal = $40rate = 4.5% = 4.5/12 = 0.00375 monthly time = 15 monthsto find outfuture valuesolutionwe know here future value formula i.efuture value = principal [tex]( 1+rate)^{t}[/tex] /rate                      .................1now put rate time and principal in equation 1 and we get future valuefuture value = principal [tex]( 1+rate)^{t}[/tex] /rate future value = 45 [tex]( 1+0.00375)^{15}[/tex] /0.00375future value = 693.009946