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An annuity is an account into which money is deposited every year. The amount of money, $A$ in dollars, in the account after $t$ yr of depositing $c$ dollars at the...

Question

An annuity is an account into which money is deposited every year. The amount of money, $A$ in dollars, in the account after $t$ yr of depositing $c$ dollars at the beginning of every year earning an interest rate $r$ (as a decimal) is $A=c\left[\frac{(1+r)^{t}-1}{r}\right](1+r)$ Use the formula for Exercises $77-80 .$ To save for retirement, Susan plans to deposit $\$ 6000$ per year in an annuity for $30 \mathrm{yr}$ at a rate of $8.5 \% .$ How much will be in the account after 30 yr?

An annuity is an account into which money is deposited every year. The amount of money, $A$ in dollars, in the account after $t$ yr of depositing $c$ dollars at the beginning of every year earning an interest rate $r$ (as a decimal) is $A=c\left[\frac{(1+r)^{t}-1}{r}\right](1+r)$ Use the formula for Exercises $77-80 .$ To save for retirement, Susan plans to deposit $\$ 6000$ per year in an annuity for $30 \mathrm{yr}$ at a rate of $8.5 \% .$ How much will be in the account after 30 yr?



Answers

An annuity is an account into which money is deposited every year. The amount of money, $A$ in dollars, in the account after $t$ yr of depositing $c$ dollars at the beginning of every year earning an interest rate $r$ (as a decimal) is $A=c\left[\frac{(1+r)^{t}-1}{r}\right](1+r)$ Use the formula for Exercises $77-80 .$ To save for retirement, Susan plans to deposit $\$ 6000$ per year in an annuity for $30 \mathrm{yr}$ at a rate of $8.5 \% .$ How much will be in the account after 30 yr?


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