Recently, More Money 40 offered an annuity that pays 4.8% compounded monthly. If $1,753 is deposited...

Question

Question

Recently, More Money 40 offered an annuity that pays 4.8% compounded monthly. If $1,753 is deposited into this annuity every

Answer 1

Answer #1

Amount at the end of 5 years:-

=FV(rate,nper,pmt)

=FV(4.8%/12,5*12,-1753)

=118608

Amount of interest =Amount earned-amount deposited =118608-(1753*12*5) =13428

Answer 2

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