Suppose you can afford $5,928 per year to invest into a savings annuity. Write this value...

  

Transcribed Image Text:

Suppose you can afford $5,928 per year to invest into a savings annuity. Write this value down, as you'll be using it throughout this entire problem. We are going to explore various options and how these options will impact the interest you are making. Payment Frequency Monthly If you deposit your available money on a monthly basis, how much are you depositing per month? If you are earning 6.7% annual interest, what is the total value of the annuity at the end of 30 years? $ How much interest is earned at the end of 30 years? $ Weekly Rate If you deposit your available money on a weekly basis, how much are you depositing per week (52 weeks per year)? $ If you are earning 6.7% annual interest, what is the total value of the annuity at the end of 30 years? $ How much interest is earned at the end of 30 years? $ Suppose you can afford $5,928 per year to invest into a savings annuity. Write this value down, as you'll be using it throughout this entire problem. We are going to explore various options and how these options will impact the interest you are making. Payment Frequency Monthly If you deposit your available money on a monthly basis, how much are you depositing per month? If you are earning 6.7% annual interest, what is the total value of the annuity at the end of 30 years? $ How much interest is earned at the end of 30 years? $ Weekly Rate If you deposit your available money on a weekly basis, how much are you depositing per week (52 weeks per year)? $ If you are earning 6.7% annual interest, what is the total value of the annuity at the end of 30 years? $ How much interest is earned at the end of 30 years? $