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OpenStudy (anonymous):
after 5 annual deposits of $1000 at 10% compounded annually. find the amount of annuity
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OpenStudy (anonymous):
i got 605016.695
OpenStudy (anonymous):
Nop its 1610.51...
OpenStudy (anonymous):
why?
OpenStudy (anonymous):
because m=P(1+i)^n where M is the annunity and i is the interest rate and n is the period...so solve for m...
OpenStudy (anonymous):
i set it up like A=P{(1+i)^n-1/i}
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OpenStudy (anonymous):
so it would be 1000{1+.10/60)^5/.10/60}
OpenStudy (anonymous):
but obviously i got some numbers wrong
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