Question

- 13.3 17. Samantha is going to pay $300 each month into an annuity for the next 30 years. The annuity has an annual rate of 3%. a) What is the monthly interest rate? b) Determine the recursive sequence for her annuity. c) What is the balance after 12 payments? . d) Determine when Samantha has at least $10,000. (Use the graphing calculator to solve this part.) e) What is the final balance? (Use the graphing calculator to solve this part.) f) How much interest did she earn?

Answer 1

Answer @ The given that The monthly interest rate. interest cale 3% 3% per annum 2% per month. © The recursive sequence for heranncity - 736 A A CS Scanned with A CamScanner

fon (409@ = A * recursive fequence for her annuity where - {= 3% per annum 9 = 2 per month A = $300 © The Balance after la payments Mrembent of periode =12 8= 3/4 A = $300 Het f= $300 / (1+3),ay)', 7 Loy) Scanned with CamScanner

f= 200 (1+ ona-y] ☺ 173/0.12) f= 300 (17) - f=zo (1969- fə 300 cena Ô The final Balance Balance after a months F= A {{49801] n= 30 years n = 30X12 I n= 360 poids Scanned with CamScanner

A= $300 is een to is not alone fa 200 (4+)*-) in vales substitute in f formula f= 300 [ +024)66017 tax LT f=300 [1.0am [ 2.5x103J f= 300 1 214456840211 -1 ] 2.5X103 Tro44a68429117 f = 300 C 1 2.5X163] winf= 300 (5.8273 x17] Scanned with T CamScanner

f= $ 0.144819 © f=1748109 final Balance of = $171819 | € total interget samed a Carned .: 1. Total Interest Earned Total = final Balance otala amount pater Total Interest 174819-(36) (300) earned Total Interest Carned 17481.9 -108000 Totaal Internet Searned CS Scanned with CamScanner