Math Problem Statement
Find the future value of an ordinary annuity of $125/month for 12 years at 5.5%/year compounded monthly. (Round your answer to the nearest cent.)
Solution
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Math Problem Analysis
Mathematical Concepts
Annuities
Compound Interest
Financial Mathematics
Formulas
FV = P × ((1 + r)^n - 1) / r
Theorems
Future Value of an Ordinary Annuity
Suitable Grade Level
Grades 10-12
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