a. Use the appropriate formula to find the value of the annuity. b. Find the interest. Periodic Deposit $60 at the end of each month Rate 6% compounded monthly Click the icon to view some finance formulas. Time 35 years a. The value of the annuity is $ 85483. (Do not round until the final answer. Then round to the nearest dollar as needed.) b. The interest is $ (Use the answer from part (a) to find this answer. Round to the nearest dollar as needed.)

College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter8: Sequences And Series
Section: Chapter Questions
Problem 8CC
icon
Related questions
Question
a. Use the appropriate formula to find the value of the annuity.
b. Find the interest.
Periodic Deposit
$60 at the end of each month
Rate
6% compounded monthly
Click the icon to view some finance formulas.
Time
35 years
a. The value of the annuity is $85483
(Do not round until the final answer. Then round to the nearest dollar as needed.)
b. The interest is $.
(Use the answer from part (a) to find this answer. Round to the nearest dollar as needed.)
THE
Transcribed Image Text:a. Use the appropriate formula to find the value of the annuity. b. Find the interest. Periodic Deposit $60 at the end of each month Rate 6% compounded monthly Click the icon to view some finance formulas. Time 35 years a. The value of the annuity is $85483 (Do not round until the final answer. Then round to the nearest dollar as needed.) b. The interest is $. (Use the answer from part (a) to find this answer. Round to the nearest dollar as needed.) THE
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 5 steps with 12 images

Blurred answer
Recommended textbooks for you
College Algebra
College Algebra
Algebra
ISBN:
9781305115545
Author:
James Stewart, Lothar Redlin, Saleem Watson
Publisher:
Cengage Learning
College Algebra
College Algebra
Algebra
ISBN:
9781938168383
Author:
Jay Abramson
Publisher:
OpenStax