Question

yo can someone help me?

Answer 1

What do you need help with?

Answer 2

A sequence of yearly payments of $6000 is invested at an interest rate of 5.2%, compounded annually. What is the total amount of the annuity after 10 years?

Answer 3

Which class is this for?

Answer 4

Algebra 2

Answer 5

do you know the compound interest formula?

Answer 6

yea i've used it and got like 9961 but all of my answer choices are around 70,000..

Answer 7

can you show what you did?

Answer 8

6000(1.052)^10

Answer 9

But we're learning about series and summations, not compound formulas.

Answer 10

ok. I got you. so you want the sum of the geometric series where a1 = 6000, r = 1.052, and n = 10

Answer 11

yep