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viva [34]
3 years ago
11

Alexa plans on saving $3,000 a year and expects to earn an annual rate of 10.25 percent. how much will she have in her account a

t the end of 45 years
Business
1 answer:
Alika [10]3 years ago
8 0
Hi there
To find the future value of annuity ordinary the formula is
Fv=pmt [(1+r)^(n)-1)÷r]
Fv future value?
PMT payment per year 3000
R interest rate 0.1025
N time 45 years
So
Fv=3,000×(((1+0.1025)^(45)−1)
÷(0.1025))=2,333,571.66

Good luck!
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