Recently, More Money 40 offered an annuity that pays 6.0% compounded monthly. If $1,511 is deposited...

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Question

Recently, More Money 40 offered an annuity that pays 6.0% compounded monthly. If $1,511 is deposited into this annuity every

Answer 1

Answer #1

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ans 1
	WE have to use financial calculator to solve this
	Put in calculator -

	PV		0
	PMT		-1511
	I	6%/12	0.50%
	N	9*12	108

	Compute FV		$215,680

	Ans =		$215,680


ans 2	Total amount contributed = 1511*108	163188
	Future value =		$215,680

	Amount of interest = 215680-163188	$52,492

	Ans =		$52,492

Answer 2

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