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question 6 point jim and dianna want to save for their childs college expenses they find an annuity that pays 6 annual interest compounded monthly if they invest in this annuity by
VIDEO ANSWER: in this question we have to calculate future value of annuity ok so this is future value of annuity is equal to c into 1 plus r to the power n mi…
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Annuity Mr. O' Hara deposits 120 at the end of each month into an account that pays 7% interest compounded monthly. After 10 years, the balance in the account, in dollars, is 120(1 (0.07)/(12))^0 120(1 (0.07)/(12))^1 ⋯ 120(1 (0.07)/(12))^119 (a) This is a geometric series. What is the first term? What is r ? (b) Use the formula for the sum of a finite geometric sequence to find the balance. | Numerade
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