The total amount he would have at 69 is $343,347.81.
<h3>What is the total amount saved?</h3>
The formula that can be used to determine the future value of the deferred annuity is:
Future value = annuity factor x monthly deposit
Annuity factor = {[(1+r)^n] - 1} / r
Where:
- r = interest rate = 5.5 /2 = 2.75%
- n = number of payments = 2 x (69 - 24) = 90
Amount he would save every 6 months:
- amount saved per day = $2.50 x 2 = $5
- Amount saved per month : $5 x 30 = $150
- Amount saved every 6 months = $150 x 6 = $900
Future value : 900 x {[(1.0275^90) - 1] / 0.275}= $343,347.81
To learn more about annuities, please check: brainly.com/question/24108530
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Answer:
What is the length of the third side of the triangle? The Answer Is -9
Step-by-step explanation:
Always use your calculator and type in your equation " 5 x 3 + 4x 2− x – 3" i think this helped but i have no idea good luck though
