Question

Periodic Deposit ?$30 at the end of each month Rate 7.5?% compounded monthly Time 30 years...

Periodic

Deposit

?$30 at the end of each month

Rate

7.5?% compounded monthly

Time

30 years

a.

Use the following formula to find the value of the annuity.

Upper A equals StartStartFraction Upper P left bracket left parenthesis 1 plus StartFraction r Over n EndFraction right parenthesis Superscript nt Baseline minus 1 right bracket OverOver StartFraction r Over n EndFraction EndEndFractionA=P1+rnnt?1rn

b.

Find the interest.

a. After 30 ?years, you will have approximately ?$

?(Do not round until the final answer. Then round to the nearest dollar as? needed.)

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