Suppose you invest $100 a month in an annuity that

Mathematics

2 answers:

Yuliya22 [10]3 years ago

5 0

Answer: B. $2518.59

Step-by-step explanation:

Just took this quiz on a p e x :)

Dominik [7]3 years ago

4 0

Answer:

$2502.60

Step-by-step explanation:

The formula for the amount of an annuity due is ...

A = P(1 +r/n)((1 +r/n)^(nt) -1)/(r/n)

where P is the monthly payment (100), r is the annual interest rate (.04), n is the number of compoundings per year (12), and t is the number of years (2). Given these numbers, the formula evaluates to ...

A = $100(1.00333333)(1.00333333^24 -1)/0.00333333

= $100(301)(0.08314296)

= $2502.60

_____

This value is confirmed by a financial calculator. The given answer choices all appear to be incorrect. The closest one corresponds to an annual interest rate (APR) of 4.286%, not 4%.

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