Homework Answers
Future Value of an annuity = PMT * [ (1+r)^n - 1 ] / r
PMT = 7310.00
r = 7.00%
n = 37 Years
So, Future Value of an annuity = 7310*[ (1+.007)^37 - 1] / .007 = 398,055.71
Hence, 398,055.71 will be in the account after 37 Years.
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