Math Problem Statement

want to save for a vacation. My plan is to put $100.00​ each month into an ordinary annuity that earns an annual interest rate of 2.5% for the next 5 years.

How much will be in the account after 55 years?  Round your final answer to the nearest cent.  Assume the interest rate stays the same while the account is open.

What is the sum of all of my deposits?  Round your final answer to the nearest cent. How much interest, in total, did my money earn?  Round your final answer to the nearest cent. just answers no explanation

Solution

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Math Problem Analysis

Mathematical Concepts

Annuities
Compound Interest
Time Value of Money

Formulas

Future Value of an Ordinary Annuity

Theorems

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Suitable Grade Level

Advanced