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Advanced MathQ&A LibraryI 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?Start your trial now! First week only $4.99!*arrow_forward*

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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?

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