Answered

Westonci.ca offers fast, accurate answers to your questions. Join our community and get the insights you need now. Join our platform to connect with experts ready to provide precise answers to your questions in various areas. Discover in-depth answers to your questions from a wide network of professionals on our user-friendly Q&A platform.

Suppose Skyler invests in an annuity that pays 3.2% annual interest, compounded monthly. If she contributes $155 every month for 10 years, how much interest would she earn during that time? Round your answer to the nearest cent. Do NOT round until you have calculated the final answer.

Sagot :

Answer:

$3286.47

Step-by-step explanation:

155((1+0.032/12)^12*10

          0.032/12

P_10 = 21886.46638739

155 * 12 * 10 = 18600

21886.46638739 = 18600 + I_10

I_10 = 3286.46638739

round answer to nearest cent

$3286.47

We appreciate your visit. Our platform is always here to offer accurate and reliable answers. Return anytime. Thank you for choosing our platform. We're dedicated to providing the best answers for all your questions. Visit us again. Get the answers you need at Westonci.ca. Stay informed with our latest expert advice.