Question
Periodic Deposit ?$70 at the end of each month Rate 6?% compounded monthly Time 30 years a. Use the following formula to find the value
| Periodic Deposit | ?$70 at the end of each month |
| Rate | 6?% compounded monthly |
| Time | 30 years |
| a. | Use the following formula to find the value of the annuity. Upper A equals StartStartFraction Upper P left bracket left parenthesis 1 plus StartFraction r Over n EndFraction right parenthesis Superscript nt Baseline minus 1 right bracket OverOver StartFraction r Over n EndFraction EndEndFractionA=P1+rnnt?1rn |
| b. | Find the interest. |
a. After 30 ?years, you will have approximately ?$
?(Do not round until the final answer. Then round to the nearest dollar as?needed.)
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If Youre So Smart Why Arent You Rich A Guide To Investing Fundamentals
Authors: Ben S. Branch
1st Edition
0275990281, 978-0275990282
