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Adele-21

  • 2 years ago

You deposit $60 at the end of each month into an annuity with 7.5% interest compounded monthly. What will be the value of the annuity after 35 years? Do not round until the final answer. Then round to the nearest dollar as needed.

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  1. nphuongsun93
    • 2 years ago
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    i think -> 60 ((1+0.075/12)^420-1)/(0.075/12)

  2. dhiwagm
    • 2 years ago
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    ^420 :O

  3. nphuongsun93
    • 2 years ago
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    yea, i'm using the formula on this site http://www.math.hawaii.edu/~hile/math100/conse.htm

  4. dhiwagm
    • 2 years ago
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    if dats d formula, then answer s $121824

  5. Adele-21
    • 2 years ago
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    121846 can you guys check if it's the right answer (I rounded to the nearest dollar )

  6. dhiwagm
    • 2 years ago
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    me too got d same yaar :)

  7. dhiwagm
    • 2 years ago
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    thank u for d link nphuongsun93 :)

  8. nphuongsun93
    • 2 years ago
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    you re welcome

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