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Chemistry Asked by a SnapAndSolve user · about 20 hours ago

Robin deposits $750 into an annuity at the end of every month for 25 years. The fund holds domestic and...

Robin deposits $750 into an annuity at the end of every month for 25 years. The fund holds domestic and international stocks, and it yields 6% interest compounded monthly. Find the future value of the annuity.

Answer

To find the future value of the annuity, use the Future Value of Ordinary Annuity table. For a 6% interest rate compounded monthly over 25 years, locate the factor for 300 periods (25 years x 12 months) at 0.5% per period (6% annual rate / 12 months). The factor is 58.902. Multiply this factor by the monthly deposit amount:

Future Value = 750 x 58.902 = $44,176.50

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