An annuity is an account into which money is deposited every year. The amount of money,...
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An annuity is an account into which money is deposited every year. The amount of money, 4 in dollars, in the account after tyr of (1+r)-1 depositing c dollars at the beginning of every year earning an interest rate (as a decimal) is 4 = c (1 + r) Use the formula for Exercises 77-80. After Fernando's daughter is born, he decides to begin saving for her college education. He will deposit $2000 every year in an annuity for 18 yr at a rate of 9%. How much will be in the account after 18 yr? An annuity is an account into which money is deposited every year. The amount of money, 4 in dollars, in the account after tyr of (1+r)-1 depositing c dollars at the beginning of every year earning an interest rate (as a decimal) is 4 = c (1 + r) Use the formula for Exercises 77-80. After Fernando's daughter is born, he decides to begin saving for her college education. He will deposit $2000 every year in an annuity for 18 yr at a rate of 9%. How much will be in the account after 18 yr?
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Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
Posted Date:
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