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likoan [24]
3 years ago
13

Luana loves shopping for clothes, but considering the state of the economy, she has decided to start saving. At the end of each

year, she will deposit $710 in her local bank, which pays her 4% annual interest. Luana decides that she will continue to do this for the next five years. Luana savings are an example of an annuity. How much will she save by the end of five years?O $3,160.79 O $3,845.59 O $3,999.41O $3,268.75
Business
1 answer:
Ray Of Light [21]3 years ago
4 0

Answer:

Explanation:

Ordinary Annuity = Investment * PVAF(Interest, number of years)

Ordinary Annuity = $710 * PVAF(4%,5 years)

=$710 * 4.4518

=$3160.79

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<h3><u>What is rate of return?</u></h3>
  • The net gain or loss of an investment over a given time period, stated as a percentage of the investment's starting cost, is known as a rate of return (RoR).
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Know more about rate of return with the help of the given link:

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