Question
Evelyn starts a retirement fund 10 years before retirement. She pays$400per month into the annuity for 10 years. Her total investment is$48,000. Esther starts a
Evelyn starts a retirement fund 10 years before retirement. She pays$400per month into the annuity for 10 years. Her total investment is$48,000. Esther starts a retirement fund 20 years before retirement. She pays$200per month into the annuity for 20 years. Her total investment is$48,000. Lois starts a retirement fund 30 years before retirement. She pays$100per month into the annuity for 30 years. Her total investment is$36,000. In each case the annuities pay6%interest compounded monthly.
(a) Find the value of each annuity at the time of retirement. (Round your final answers to two decimal places.)
Evelyn:$
Esther:$
Lois:$
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