Jasmine buys a turkey every year . The first time she bought a turkey, in year 0, it cost $15.50. She notices the price is getti
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Answer:
Answer: $59313.58
Step-by-step explanation:
Formula to find the accumulated amount of the annuity is given by :-
, where A is the annuity payment deposit, r is annual interest rate , t is time in years and m is number of periods.
Given : m= $2000 ; m= 1 [∵ its annual] ; t= 10 years ; r= 0.06
Now substitute all these value in the formula , we get
⇒
⇒
⇒
⇒
Hence, the accumulated amount of the annuity= $59313.58