Purdue Savings Bank pays 8 percent interest compounded weekly (0.154 percent per week) on savings accounts. The

Question:

Purdue Savings Bank pays 8 percent interest compounded weekly (0.154 percent per week) on savings accounts. The bank has asked your help in preparing a table to show potential customers the number of dollars that will be available at the end of 10-, 20-, 30-, and 40-week periods during which there are weekly deposits of $1, $5, $10, or $50.

The following data are available:

Future Value of Annuity at an Interest

Length of Annuity Rate of 0.154% per Week

10 weeks .......... 10.0696

20 weeks .......... 20.2953

30 weeks .......... 30.6796

40 weeks .......... 41.2250

Required:

Prepare and complete a table similar to the onebelow.

Purdue Savings Bank pays 8 percent interest compounded weekly (0

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,...