Find the amount accumulated FV in the given annuity account. HINT [See Quick Example 1 and Example 1.] (Assume end-of-period deposits and compounding at the same intervals as deposits. Round your answer to the nearest cent.) $190 deposited monthly for 20 years at 3% per year in an account containing $13,000 at the start
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Step 1
The formula for future value is FV = PV * (1 + r/n)^(nt), where PV is the present value, r is the annual interest rate, n is the number of times interest is compounded per year, and t is the number of years. In this case, PV = $13,000, r = 3% or 0.03, n = 12 Show more…
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