Mathematics, 06.11.2019 22:31 sincere21
Suppose you invest $50 a month in an annuity that earns 4.8% apr compounded monthly. how much money will you have in this account after 10 years?
Answers: 3
![\bf \qquad \qquad \textit{Future Value of an ordinary annuity} \\\\ A=d\left[ \cfrac{\left( 1+\frac{r}{n} \right)^{nt}-1}{\frac{r}{n}} \right] \\\\\\ \qquad \begin{cases} A= \begin{array}{llll} \textit{compounded amount} \end{array} \begin{array}{llll} \end{array}\\ d=\textit{periodic deposits}\to &50\\ r=rate\to 4.8\%\to \frac{4.8}{100}\to &0.048\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{monthly, thus 12} \end{array}\to &12\\ t=years\to &10 \end{cases}](/tpl/images/0362/6956/ee2a2.png)
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Suppose you invest $50 a month in an annuity that earns 4.8% apr compounded monthly. how much money...
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