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3 years ago

9

Find the interest earned and the future value of an annuity with annual payments of $1,400 for 18 years into an account that pay

s 4% interest per year.

1 answer:

o-na [289]3 years ago

5 0

Answer:

interest earned= 1436.143

the future value of an annuity= 2836.143

Step-by-step explanation:

Given Data:

Interest rate= 4%

time,t = 18 years

Annual payment, P= 1400

At the end of 18 years, final investment A= ?

As per the interest formula for interest

A= P(1+r)t

Putting the values in above equation

= 1400(1+0.04)^18

= 2836.143

Interest earned = A-P

= 2836.143-1400

= 1436.143 !

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see the attached figure to better understand the problem

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we Know that

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step 1

Find the midpoint segment LP

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$y=\frac{2}{7}x-\frac{6}{7}+2$

$y=\frac{2}{7}x+\frac{8}{7}$

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