Future Value of Annuity Assignment | Homework For You
March 17th, 2020
Erik receives an eight year annuity immediate with monthly payments. The first payment is $300 and the payments increase by $6 each month. The payments are deposited in an account earning interest at a nominal rate of 6% convertible monthly. What is the balance in the account at the end of eight years?
Answer is 69,042.81
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