To raise money to buy new musical instruments, the rock band White Noise Reverie decides to invest

Question:

To raise money to buy new musical instruments, the rock band White Noise Reverie decides to invest $400 monthly in an ordinary annuity with a 3% interest rate compounded monthly. Determine the accumulated amount in the band’s annuity after 5 years.

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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