8. Marko deposits $400 into an account at the end of every month for 8 years. Interest is earned at a rate of 5.5%, compounded monthly. a) Determine the amount of the annuity. b) How much interest will be earned? ANSWER 8. a) $48 100.11 b) $9 700.11

Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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8. Marko deposits $400 into an account at
the end of every month for 8 years. Interest
is earned at a rate of 5.5%, compounded
monthly.
a) Determine the amount of the annuity.
b) How much interest will be earned?
ANSWER
8. a) $48 100.11
b) $9 700.11
Transcribed Image Text:8. Marko deposits $400 into an account at the end of every month for 8 years. Interest is earned at a rate of 5.5%, compounded monthly. a) Determine the amount of the annuity. b) How much interest will be earned? ANSWER 8. a) $48 100.11 b) $9 700.11
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