a. After 30 years, you will have approximately $ (Do not round until the final a

Question

a. After 30 years, you will have approximately $ (Do not round until the final answer. Then round to the nearest dollar as needed Do not include the $ symbol in your answer.) Periodic $1000 at the end of each year eposit 6.5% compounded annually 30 years ate ime b. The interest is approximately $ (Use the answer from part a to find this answer. Round to the nearest dollar as needed. Do not include the $ symbol in your answer.) a. Use the following formula to find the value of the annuity b. Find the interest.

Explanation / Answer

A = 1000 [ ( 1 + .065 )^30 -1 ] / ( .065 )

A = $ 86375

after 30 years amount recieved is $  $ 86375

interest = 86375 - 1000 = 85375

interest recieved = $ 85375

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