This Question: 1 pt 3 of 4 This Quiz: 4 pts possible Use the formula for the fut

Question

This Question: 1 pt 3 of 4 This Quiz: 4 pts possible Use the formula for the future value of an ordinary annuity to solve for n when A $17,000 the monthly payment -$500, and the annual interest rate r-6 0%. Identify the problem solving method that should be used. Choose the correct answer below A. The Order Principle O B. Guessing C. The Three-way Principle O D. The Counterexample Principle Round all intermediate values to six decimal places as needed) the final answer up to the nearest integer as needed. = 0.0 sides by by 50 both side sides] ·ty of log fund

Explanation / Answer

The FV of the Annuity is calculated as follows:

P * [ ( 1 + R )N - 1 ] / R

Here P = 65

R = 5.5% / 12 = 0.4583333%

N = 60

Thus FV = 65 * [ ( 1 + 0.004583333 )60 - 1 ] / 0.0046 = 20.52074521 / 0.004583333

= $ 4477.3

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