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