Assuming that you use an ordinary annuity with an interest rate of 4.8% and the values of pymt = 559.67 and t = 63, along with n = 12, find the balance of an ordinary annuity with these characteristics at the end of your career. To show your work, include the following:
1. Write out the full equation that you use to make the calculation (with all the correct values plugged in).
2. List the steps you took to complete the calculation.
3. Clearly indicate the number you get for the balance.
4. Write a sentence explaining what the balance represents in your situation (be as specific as possible).