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
Ask a new question for Free
By Image
Drop file here or Click Here to upload
Math Problem Analysis
Mathematical Concepts
Annuities
Compound Interest
Time Value of Money
Formulas
Future Value of an Ordinary Annuity
Theorems
-
Suitable Grade Level
Advanced
Related Recommendation
Annuity Value Calculation: $100,100 Deposits, 5.5% Semiannual Compounding Over 15 Years
Future Value of a Monthly Annuity with $650 Deposit at 2.25% Over 25 Years
Calculate Monthly Deposits for Annuity: 4.8% Compounded Monthly Over 9 Years
Calculating Future Value of Monthly Deposits with 2.7% APR Compounded Monthly
Calculate Future Value of Ordinary Annuity with Monthly Deposits