Question
Annuity Find the amount of an annuity that consists of20 annual payments of $\$ 5000$ each into an account that paysinterest of 12$\%$ per year.
Step 1
The annual payment (P) is $\$5000$, the interest rate (R) is $12\%$ or $0.12$ in decimal form, and the number of payments (n) is $20$. Show more…
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