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2 years ago

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8. Don made deposits of $500 at the end of each year for eight years. The rate is 8% compounded annually. Using the tables found

in the textbook, calculate the value of Don's annuity at the end of eight years.

1 answer:

Sonbull [250]2 years ago

5 0

Answer:

Step-by-step explanation:

P = $ 500 ;r =8% ; n= 8

A = P* (1+r/100)^n

A= 500 * ( 1 + 8/100)⁸

= 500 * ( 1 + 0.08)⁸ = 500 * 1.08⁸

=500*1.85

= $ 925.45

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