Jolene set up a retirement account. She arranged to have $200 taken out of each of her monthly checks; the account will earn 5.5% interest compounded monthly. She just turned 34, and her ordinary annuity comes to term when she turns 65. What is the future value of her annuity when Jolene retires? How much interest was earned on her annuity?

Answer rating: 100% (QA)

To calculate the future value of Jolenes annuity we can use the formula for the future value of an ... View the full answer