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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