Question

1. If a client puts the equivalent of $55 per month, or $660 per year, into an ordinary annuity, how much money would accumulate in 20 years at 3% compounded annually?

Answer 1

396$. want me to teach you how to do it?

Answer 2

yes please

Answer 3

Multiply 660 by 0.03, because if it says 3 percent, you divide it by 100, so it is 50%, divide 50 by 100. But for the problem, divide 660 by 0.03 because you need to find the interest per year, then multiply your answer by 20. Ok?

Answer 4

A=P(1+3/100)^t
=660(1+0.03)^20
=1192.033

Answer 5

thank you so much for your help

Answer 6

You Welcome...