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John Regan, an employee at Home Depot, made deposits of $740 at the end of each year for 5 years. Interest is 5% compounded annually. What is the value of John's annuity at the end of 5 years? (Use Table 13.1.) (Do not round intermediate calculations. Round your answer to the nearest cent.)

John Regan, an employee at Home Depot, made deposits of $740 at the end of each year for 5 years. Interest is 5% compounded annually. What is the value of John's annuity at the end of 5 years? (Use Table 13.1.) (Do not round intermediate calculations. Round your answer to the nearest cent.)

College Algebra
College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 5SE: What is an annuity?
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TABLE 13-2 Present value of an annuity of $1 Period 2% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 25 30 40 50 3% 5% 6% 7% 13% 09804 0.9709 0.9615 0.9524 0.9434 0.9346 0.8850 19416 1.9135 1.8861 1.8080 1.6681 1.8594 1.8334 1.7833 27232 26730 26243 2.5771 23612 2.9745 35172 56014 54172 52421 3.9975 4.4226 64720 7:3255 8.1622 7.7861 8.9826 8.5302 4.7988 5.3282 5.1317 5.6502 54262 97868 92526 5.9377 5.6869 10.5753 9.9540 7.1607 68137 6.4924 6.1944 59176 6.1218 28839 28286 2.7751 3.8077 37171 3.6299 35459 34651 33872 3.3121 47134 4.5797 44518 4.3295 4.2124 4.1002 3.9927 5.0757 4.9173 4.7665 4.6229 6.2303 6.0021 57864 5.5824 5.3893 5.2064 7.0197 6.7327 64632 62098 5.9713 5.7466 7.4353 7.1078 6.8017 65152 6.2469 8.1109 7.7217 7.3601 7.0236 6,7101 8.7605 8.3064 7.8869 7.4987 7.1390 9.3851 8.8632 8.3838 7.9427 7.5361 11.3483 10.6350 9.9856 9.3936 8.8527 8.3576 7.9038 74869 7.1034 67499 6.4235 12.1062 11.2961 10.5631 9.8986 9.2950 87455 82442 77862 7:3667 6.9819 6.6282 12.8492 11.9379 11.1184 10.3796 97122 9.1079 8.5595 8.0607 7.6061 7.1909 6.8109 13.5777 125611 11.6523 10.8378 10.1059 94466 8.8514 8.3126 7.8237 7.3792 6.9740 14.2918 13.1661 12.1657 112741 10.4773 9.7632 9.1216 85436 80216 75488 7.1196 12.6593 116896 108276 100591 9.3719 8.7556 8.2014) 7.7016 7.2497 15.6784 14.3238 13.1339 120853 11.1581 10.3356 9.6036 8.9501 8.3649 7.8393 7.3658 16.3514 14.8775 135903 12.4622 11.4699 105940 98181 9.1285 8.5136 7.9633 7.4694 19.5234 17.4131 15.6221 140939 12.7834 11.6536 10.6748 98226 90770 84217 78431 22.3964 19.6004 17:2920 153724 137648 124090 11.2578 102737 94269 8.6938 8.0552 273554 231148 19.7928 17.1591 150463 133317 11.9246 10.7574 9.7790 314236 257298 21.4822 18.2559 15.7619 13.8007 12.2335 109617 99148 90417 14.9920 13.7535 89511 8.2438 8.3045 8% 9% 10% 11% 12% 0.9259 09174 09091 09009 0.8929 1.6901 1.7591 1,7355 2.5313 24869 3.2397 3.1699 1,7125 24437 24018 3.1024 3.0373 3.8897 3.7908 3.6959 3.6048 44859 4.3553 4.2305 4.1114 50330 48684 4.7122 4.5638 55348 5.3349 5.1461 4,9676 5.9952 5.7590 5.5370 6.4177 6.1446 58892 68052 6.4951 6.2065 John's annuity 6.3025 6.4624 6.6039 6.7291 68399 6.9380 7.0248 7:3300 7.4957 76344 7.6752 John Regan, an employee at Home Depot, made deposits of $740 at the end of each year for 5 years. Interest is 5% compounded annually. What is the value of John's annuity at the end of 5 years? (Use Table 13.1) (Do not round intermediate calculations. Round your answer to the nearest cent.)
Transcribed Image Text:TABLE 13-2 Present value of an annuity of $1 Period 2% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 25 30 40 50 3% 5% 6% 7% 13% 09804 0.9709 0.9615 0.9524 0.9434 0.9346 0.8850 19416 1.9135 1.8861 1.8080 1.6681 1.8594 1.8334 1.7833 27232 26730 26243 2.5771 23612 2.9745 35172 56014 54172 52421 3.9975 4.4226 64720 7:3255 8.1622 7.7861 8.9826 8.5302 4.7988 5.3282 5.1317 5.6502 54262 97868 92526 5.9377 5.6869 10.5753 9.9540 7.1607 68137 6.4924 6.1944 59176 6.1218 28839 28286 2.7751 3.8077 37171 3.6299 35459 34651 33872 3.3121 47134 4.5797 44518 4.3295 4.2124 4.1002 3.9927 5.0757 4.9173 4.7665 4.6229 6.2303 6.0021 57864 5.5824 5.3893 5.2064 7.0197 6.7327 64632 62098 5.9713 5.7466 7.4353 7.1078 6.8017 65152 6.2469 8.1109 7.7217 7.3601 7.0236 6,7101 8.7605 8.3064 7.8869 7.4987 7.1390 9.3851 8.8632 8.3838 7.9427 7.5361 11.3483 10.6350 9.9856 9.3936 8.8527 8.3576 7.9038 74869 7.1034 67499 6.4235 12.1062 11.2961 10.5631 9.8986 9.2950 87455 82442 77862 7:3667 6.9819 6.6282 12.8492 11.9379 11.1184 10.3796 97122 9.1079 8.5595 8.0607 7.6061 7.1909 6.8109 13.5777 125611 11.6523 10.8378 10.1059 94466 8.8514 8.3126 7.8237 7.3792 6.9740 14.2918 13.1661 12.1657 112741 10.4773 9.7632 9.1216 85436 80216 75488 7.1196 12.6593 116896 108276 100591 9.3719 8.7556 8.2014) 7.7016 7.2497 15.6784 14.3238 13.1339 120853 11.1581 10.3356 9.6036 8.9501 8.3649 7.8393 7.3658 16.3514 14.8775 135903 12.4622 11.4699 105940 98181 9.1285 8.5136 7.9633 7.4694 19.5234 17.4131 15.6221 140939 12.7834 11.6536 10.6748 98226 90770 84217 78431 22.3964 19.6004 17:2920 153724 137648 124090 11.2578 102737 94269 8.6938 8.0552 273554 231148 19.7928 17.1591 150463 133317 11.9246 10.7574 9.7790 314236 257298 21.4822 18.2559 15.7619 13.8007 12.2335 109617 99148 90417 14.9920 13.7535 89511 8.2438 8.3045 8% 9% 10% 11% 12% 0.9259 09174 09091 09009 0.8929 1.6901 1.7591 1,7355 2.5313 24869 3.2397 3.1699 1,7125 24437 24018 3.1024 3.0373 3.8897 3.7908 3.6959 3.6048 44859 4.3553 4.2305 4.1114 50330 48684 4.7122 4.5638 55348 5.3349 5.1461 4,9676 5.9952 5.7590 5.5370 6.4177 6.1446 58892 68052 6.4951 6.2065 John's annuity 6.3025 6.4624 6.6039 6.7291 68399 6.9380 7.0248 7:3300 7.4957 76344 7.6752 John Regan, an employee at Home Depot, made deposits of $740 at the end of each year for 5 years. Interest is 5% compounded annually. What is the value of John's annuity at the end of 5 years? (Use Table 13.1) (Do not round intermediate calculations. Round your answer to the nearest cent.)
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