Question

To plan for retirement, Susan deposits $96 each month in an annuity that pays 7% interest, compounded monthly. Payments will be made at the end of each month. Find the total value of the annuity in 27 years.

Do not round any intermediate computations, and round your final answer to the nearest cent. If necessary, refer to the
list of financial formulas.

Answer 1

Explanation:

`p(((1+i)^n-1)/(i))\\i=.07/12=.0058333\\\\n=27*12\\96(((1+.0058333)^(12*27)-1)/(.0058333))= 91882.2085266=91882.21`