To save for​ retirement, a student invests ​$20 each month in an ordinary annuity with 3 % interest compounded monthly. Determine the accumulated amount in the​ student's annuity after 15 years

To determine the accumulated amount in the student's annuity after 15 years, we can use the **future value of an ordinary annuity formula**:

\[
A = P \left(\d

To save for retirement, a student invests ​$20 each month in an ordinary annuity with 3% interest compounded monthly. Determine the accumulated amount in the student's annuity after 15 years.

Discover how to calculate the accumulated amount in an ordinary annuity where $20 is invested monthly at 3% interest, compounded monthly, over 15 years. This solution applies financial mathematics concepts, using the future value of an ordinary annuity formula and compound interest.

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