Len and Sharron Smith are saving money for their daughter Heather to attend college They set aside an ordinary annuity of $4,000 annually for ten years at 7 annual interest How much will Heather have for college after two years Find the total interest earned ...

Endofyear 1 4000 Endofyear 2 4 ...

Len and Sharron Smith are saving money for their daughter Heather to attend college. They set aside

Question:

Len and Sharron Smith are saving money for their daughter Heather to attend college. They set aside an ordinary of $4,000 annually for ten years at 7% annual interest. How much will Heather have for college after two years? Find the total interest earned. Annuity
An annuity is a series of equal payment made at equal intervals during a period of time. In other words annuity is a contract between insurer and insurance company in which insurer make a lump-sum payment or a series of payment and, in return,...