   Chapter 13.4, Problem 6E ### Algebra and Trigonometry (MindTap ...

4th Edition
James Stewart + 2 others
ISBN: 9781305071742

#### Solutions

Chapter
Section ### Algebra and Trigonometry (MindTap ...

4th Edition
James Stewart + 2 others
ISBN: 9781305071742
Textbook Problem

# Annuity Find the amount of an annuity that consists of 20 semiannual payments of $500 each into an account that pays 6 % interest per year, compounded semiannually. To determine To find: The amount of annuity. Explanation Given: Payment size, R=$500,

Interest rate, is 6%,

Number of payments(semiannual), n=20.

Approach:

The amount Af of an annuity consisting of n regular equal payments of size R with interest rate ipertimeperiod is given by Af=R(1+i)n1i

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