A person deposits $1000 at the end of each year into an annuity earning 5% interest compounded

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A person deposits $1000 at the end of each year into an annuity earning 5% interest compounded annually? How many years are required for the balance to reach $30,539? After how many years will the balance exceed $50,000?
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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Related Book For  answer-question

Finite Mathematics and Its Applications

ISBN: 978-0134768632

12th edition

Authors: Larry J. Goldstein, David I. Schneider, Martha J. Siegel, Steven Hair

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