Question

Recently, More Money 4U offered an annuity that pays 5.7\% compounded monthly. If \$1,526 is deposited into this annuity every month, how much is in the account after 10 years? How much of this is interest? Type the amount in the account: $ (Round to the nearest dollar.)

          Recently, More Money 4U offered an annuity that pays 5.7\% compounded monthly. If \$1,526 is deposited into this annuity every month, how much is in the account after 10 years? How much of this is interest?
Type the amount in the account: $
(Round to the nearest dollar.)

Recently, More Money 4U offered an annuity that pays 5.7% compounded monthly. If $1,526 is deposited into this annuity every month, how much is in the account after 10 years? How much of this is interest?
Type the amount in the account: (Round to the nearest dollar.)

Added by David O.

Grade 6 Mathematics: Open Up Resources, Common Core State Standards Edition

N/A 6th Edition

Instant Answer

Solved by Expert Danielle Fairburn

07/16/2023

Step 1

7% compounded monthly. The monthly interest rate is $r = \frac{0.057}{12} \approx 0.00475$. The monthly deposit is $P = 1526$. The number of months in 10 years is $n = 10 \times 12 = 120$. Show more…

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Recently, More Money 4U offered an annuity that pays 5.7% compounded monthly. If $1,526 is deposited into this annuity every month, how much is in the account after 10 years? How much of this is interest? Type the amount in the account: $ (Round to the nearest dollar.)