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:
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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