How do i solve this is it compound interest?

SoccerBoss
Category:
Algebra
Price: $10 USD

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) Daniel C.
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School: Rice University
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