11. In the following ordinary annuity, the interest is compounded with each payment, and the payment is made at the end of the compounding period. Find the accumulated amount of the annuity. (Round your answer to the nearest cent.) $5500 annually at 7% for 10 years.
11. In the following ordinary annuity, the interest is compounded with each payment, and the payment is made at the end of the compounding period. Find the accumulated amount of the annuity. (Round your answer to the nearest cent.) $5500 annually at 7% for 10 years.
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 24P
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Question
11. In the following ordinary
Find the accumulated amount of the annuity. (Round your answer to the nearest cent.)
$5500 annually at 7% for 10 years.
13. In the following ordinary annuity, the interest is compounded with each payment, and the payment is made at the end of the compounding period.
Find the amount of time needed for the sinking fund to reach the given accumulated amount. (Round your answer to two decimal places.)
Find the amount of time needed for the sinking fund to reach the given accumulated amount. (Round your answer to two decimal places.)
$3500 yearly at 7% to accumulate $100,000.
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