Scott Martin is planning to establish a retirement annuity He is committed to an ordinary annuity of $3,000 annually at 3 6 annual interest How much will Scott have accumulated after three years How much interest will he earn ...

Endofyear 1 3000 Endofyear 2 3000103 ...

Scott Martin is planning to establish a retirement annuity. He is committed to an ordinary annuity of

Question:

Scott Martin is planning to establish a retirement He is committed to an ordinary of $3,000 annually at 3.6% annual interest. How much will Scott have accumulated after three years? How much interest will he earn?
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,...