An annuity that earns interest at the rate of 4% compounded monthly consists of $3640 payments made at the start of each year for 13 years. What is the value of the annuity 5 years after the date that it ends? Assume the same interest rate over the entire time period being considered.

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To calculate the value of the annuity 5 years after the date it ends we need to determine the future ... View the full answer