In Exercises 5455, use the formula for the value of an annuity and round to the nearest
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In Exercises 54–55, use the formula for the value of an annuity and round to the nearest dollar.
You spend $10 per week on lottery tickets, averaging $520 per year. Instead of buying tickets, if you deposited the $520 at the end of each year in an annuity paying 6% compounded annually,
a. How much would you have after 20 years?
b. Find the interest.
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a b nt P1 4 1 A P 520 r00...View the full answer
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