How do i solve this is it compound interest?

timer Asked: Apr 8th, 2015

Question description

Beatrice will deposit $360 per month into a fixed annuity that pays 4.82% per year compounded monthly. Note: Round the "i" value to 3 decimal places prior to using the formula. Then, when using the formula, do not round-off anything until you obtain the final answer.

(a) Determine the accumulated value of this annuity after 10 years. Round to the nearest dollar

b) If the accumulated value is worth $82,000, how many years has Beatrice maintained this annuity? Round to the nearest year. 

Tutor Answer

(Top Tutor) Studypool Tutor
School: University of Maryland
Studypool has helped 1,244,100 students
flag Report DMCA
Similar Questions
Hot Questions
Related Tags

Brown University

1271 Tutors

California Institute of Technology

2131 Tutors

Carnegie Mellon University

982 Tutors

Columbia University

1256 Tutors

Dartmouth University

2113 Tutors

Emory University

2279 Tutors

Harvard University

599 Tutors

Massachusetts Institute of Technology

2319 Tutors

New York University

1645 Tutors

Notre Dam University

1911 Tutors

Oklahoma University

2122 Tutors

Pennsylvania State University

932 Tutors

Princeton University

1211 Tutors

Stanford University

983 Tutors

University of California

1282 Tutors

Oxford University

123 Tutors

Yale University

2325 Tutors