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

Question

3 years ago

5

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.

1 answer:

erma4kov [3.2K] · Answer 1 · 2022-10-12T09:52:45+03:00

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.