Find the accumulated amount of the annuity. (round your answer to the nearest cent.) $1000 monthly at 4.6% for 20 years.

Accumulated amount will be $2504.90.

Step-by-step explanation:

Formula that represents the accumulated amount after t years is

A =

Where A = Accumulated amount

= Initial amount

r = rate of interest

n = number of times initial amount compounded in a year

t = duration of investment in years

Now the values given in this question are

= $1000

n = 12

r = 4.6% = 0.046

t = 20 years

By putting values in the formula

A =

  =

  =

  = 1000×2.50488

  = 2504.88 ≈ $2504.90

Therefore, accumulated amount will be $2504.90.

step-by-step explanation:

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