Use a calculator to evaluate an ordinary annuity formula [A=mleft[frac{left(1+frac{r}{n}ight)^{n t}-1}{frac{r}{n}}ight]] for (m, r), and (t) (respectively)

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Use a calculator to evaluate an ordinary annuity formula

\[A=m\left[\frac{\left(1+\frac{r}{n}ight)^{n t}-1}{\frac{r}{n}}ight]\]

for \(m, r\), and \(t\) (respectively) given in Problems 7-22. Assume monthly payments.


\(\$ 50 ; 5 \% ; 3\) yr \(\$ 1,937.67\)

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