Question

Find the future value of an annuity of payments of $700, made at the beginning of each month, for 12 years in an account that pays 12% compounded monthly.

Answer 1

So 700 every moth for 12 months?

Answer 2

yeah

Answer 3

So what's 700 multiplied by 12

Answer 4

8400

Answer 5

Compounded means to make worse so do you think we are multiplying or dividing?

Answer 6

or decrease in other words

Answer 7

mutiplying

Answer 8

Correct so just multiply by 12%

Answer 9

1008

Answer 10

Do you have answer choices?

Answer 11

no just type it in on te website we use for our math class

Answer 12

oh okay well good luck and you might want to wait for a second opinion just in case :)