Concept explainers
If P dollars are invested annually in an annuity (investment fund), after n years, the annuity will be worth
where r is the interest rate, compounded annually.
Kate invests $3000 annually in an annuity from Mersenne Fund that earns 6.57% interest. How much is the investment worth after 18 yr? Round to the nearest cent.
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Calculus and Its Applications (11th Edition)
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