Question
Alex is receiving an annuity-immediate with monthly payments for the next 20 years. The (11) first payment is $10. The second payment is $20. The
Alex is receiving an annuity-immediate with monthly payments for the next 20 years. The (11) first payment is $10. The second payment is $20. The third payment is $30. The payments continue increase until the last payment is $2,400. Alex takes each payment and invests it in the Win Bank. The Win Bank pays a nominal interest rate of 9% compounded monthly.
Determine the amount that Alex will have at the end of 20 years.
PLEASE NO EXCEL ! USE FORMULAS
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Personal Finance A Practical Approach
Authors: Jane King, Mary Carey
1st Edition
0199668833, 9780199668830
