Question

In the following ordinary annuity, the interest is compounded with each payment, and the payment is made at the end of the compounding period.

The Oseola McCarty Scholarship Fund at the University of Southern Mississippi was established by a $150,000 gift from an 87-year-old woman who had dropped out of sixth grade and worked for most of her life as a washerwoman. How much would she have had to save each week in a bank account earning 3.8% compounded weekly to have $150,000 after 75 years? (Round your answer to the nearest cent.)

Answer 1

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