Find interest earned and the future value of an annuity with monthly payments of $150 for two years into an account that pays 4% interest per year compounded monthly.

interest earned= 12.47

the future value of an annuity= 162.47

Step-by-step explanation:

Given Data:

Interest rate,r= 4%

time,t = 2 years

monthly payment, P= 150

n= 12 as monthly

At the end of 2 years, final investment A= ?

As per the interest formula for compounded interest

A= P(1+r/n)^nt

Putting the values in above equation

= 150(1+0.04/12)^24

 = 162.47

Interest earned = A-P

                          = 162.47-150

                           = 12.47 !

75%

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noun

the practice of taking someone else's work or ideas and passing them off as one's own.

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