To save for retirement Max invests $150 each month in an ordinary annuity with a 3.3% interest

Question:

To save for retirement Max invests $150 each month in an ordinary annuity with a 3.3% interest rate compounded monthly. Determine the accumulated amount in Max’s annuity after 40 years.

Round all answers to the nearest cent.

Annuity
An annuity is a series of equal payment made at equal intervals during a period of time. In other words annuity is a contract between insurer and insurance company in which insurer make a lump-sum payment or a series of payment and, in return,...

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