I am working on annuities and this one annuity is really difficult.
the question is Kristy Joe deposits $160 each month in an ordinary annuity to save for a new car. If the annuity pays a monthly interest rate of 0.66% how much will she be able to save in 5 years? Assume that the compounding is being done monthly.
The answer I have come up with are 11,337.04 but the correct answer is apparently 11,731.81. How is this possible?
Periodic payment (P)= $160
Rate of interest (i) = 0.66% = 0.0066
Compounded monthly (n) = (5)(12) = 60
Future value of annuity formula:...
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