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OpenStudy (anonymous):
I need help with simple ordinary annuity question!! PLEASEEE help!! will fan and medal question in comments
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OpenStudy (anonymous):
Your bank pays 6.1% interest compounded monthly. Suppose you deposit $50 at the end of each month for 18 years.
OpenStudy (anonymous):
How much total did you deposit? What is the balance on the account after the 18 years? How much interest have you earned? Suppose you had hoped to have a balance of $55,000 at the end of the 18 years. What should the monthly deposit have been?
OpenStudy (anonymous):
You've found another annuity plan where the interest rate is slightly better: 7.1%. If your goal is still to have $55,000 after 18 years, what would your monthly deposit have to be?
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