If in State A, you pay $6,000 per year in taxes, but state B you pay $1500 in taxes, why won't you leave State A?
1 answer:
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Answer: $59313.58
Step-by-step explanation:
We know that formula we use to find the accumulated amount of the annuity ( ordinary annuity interest is compounded ) is given by :-
, where A is the annuity payment deposit, r is annual interest rate , t is time in years and n is number of periods.
Given : Annuity payment deposit :A= $4500
rate of interest :r= 6%=0.06
No. of periods : m= 1 [∵ its annual]
Time : t= 10 years
Now we get,
∴ the accumulated amount of the annuity= $59313.58