2 years ago

GRADE 11 MATH! PLS HELP!

Mathematics

1 answer:

Brilliant_brown [7]2 years ago

7 0

The total amount of the annuity on Jennifer’s 18th birthday is $655.02

The interest earned is $55.02.

<h3>What is the total value of the annuity?</h3>

An annuity is a fixed payment of money over a specified period of time.

The formula for determining the value of the annuity when Jennifer turns 18 is: yearly deposit x annuity factor

Annuity factor = {[(1+r)^n] - 1} / r

Where:

r = interest rate = 3.5%
n = number of years = 18 - 12 = 6

Future value of the annuity: $100 x [{(1.035^6) - 1} / 0.035} = $655,02

Interest earned = future value - total amount deposited

655.02 - (100 x 6)= $55.02

To learn more about annuities, please check: brainly.com/question/24108530

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