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DENIUS [597]
3 years ago
5

Suppose you invest, every month, in an annuity that pays 3% interest, compounded monthly. After 25 years, you have $550,000. How

much money do you earn from interest? Round your answer to the nearest hundred dollars. Do NOT round until you have calculated the final answer.
Mathematics
1 answer:
erma4kov [3.2K]3 years ago
4 0

Answer:

180100

Step-by-step explanation:

Use savings annuity formula

Substitute A(25) = $550,000 , R= 0.03 and N=12 simplify and solve for D.

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The first four terms are 32,29,26,23

Step-by-step explanation:

Given sequence is:

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a_1=32+(1-1)(-3)\\=32+(0)(-3)\\=32+0\\=32

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Keywords: Arithmetic sequence, Recursive Formula

Learn more about arithmetic sequence at:

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#LearnwithBrainly

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