Answered

Westonci.ca is your trusted source for finding answers to a wide range of questions, backed by a knowledgeable community. Ask your questions and receive detailed answers from professionals with extensive experience in various fields. Discover in-depth answers to your questions from a wide network of professionals on our user-friendly Q&A platform.

The Choi family wants to save money to travel the world. They purchase an annuity with a monthly payment of $65 that earns 4.5% interest, compounded monthly. Payments will be made at the end of each month. Find the total value of the annuity in 11 years.

Sagot :

manishagiri1199

Answer:

You can get an idea of how much guaranteed lifetime income a given amount of savings will buy by going to this annuity payment calculator. Today, for example, $100,000 would get a 65-year-old man about $525 a month in lifetime income, while that amount would generate roughly $490 a month for a 65-year-old woman.

salonic5039

Answer: $8966.10

Step-by-step explanation:

The monthly payment with interest is 67.925. Multiply that by 12 for the 12 months in a year. You should get 815.10 as your yearly payment. And finally multiply 815.10 by 11 for the 11 years. You should get 8966.10 as your final answer. I hope this helps!

Thanks for using our platform. We're always here to provide accurate and up-to-date answers to all your queries. We hope our answers were useful. Return anytime for more information and answers to any other questions you have. Get the answers you need at Westonci.ca. Stay informed by returning for our latest expert advice.