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You want an annuity that will pay $450 at the end of each month for 8 years. You have an account that is earning 6%
You want an annuity that will pay $450 at the end of each month for 8 years. You have an account that is earning 6% interest per year compounded monthly. (3.1) (14 points) How much money must the annuity contain at the start, so that at the end of 8 years there is no money left? (3.2) (14 points) How much of what you are paid over 8 years is from interest
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