ANSWER:
$ 2303.22
STEP-BY-STEP EXPLANATION:
We can calculate the balance using the following formula:
[tex]\text{FVA = }\frac{\text{PMT}\cdot((1+r)^n-1)}{r}[/tex]
Given:
n = 9 months
r = 7%/12 = 0.07/12
PMT = 250
Plug in the numbers and solve for FVA
[tex]\begin{gathered} \text{FVA = }\frac{250\cdot((1+\frac{0.07}{12})^9-1)}{\frac{0.07}{12}} \\ \text{FVA =}2303.22 \end{gathered}[/tex]
The balance is $ 2303.22
