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Use a graphing calculator, a spreadsheet, or mathematical software to answer the questions. A person deposits $1000 at the end of each year into an
Use a graphing calculator, a spreadsheet, or mathematical software to answer the questions. A person deposits $1000 at the end of each year into an annuity earning9.09%interest compounded annually.(a) What are the balances (that is, future values) after 2, 3, and 4 years?
Year | Balance |
1 | $1000 |
2 | $ |
3 | $ |
4 | $ |
(b) How many years are required for the balance to reach$46,456? (Round to the nearest year.)
(c) After how many years will the balance exceed$86,000? (Round to the nearest year.)
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