5. Joe Sullivan invests $9,000 at the end of each year for 20 years. The rate of interest Joe gets is 8% annually. Using the tables in the Business Math Handbook that accompanies the course textbook, determine the final value of Joe's investment at the end of the 20th year on this ordinary annuity.
Please help!
2 answers
What did you find in the Handbook?
Haven't seen anybody use tables out of "handbooks" in over 30 years, ....
amount = 9000(1.08^20 - 1)/.08
= 9000(45.7619643) ---> last number should be in your handbook
= $411,857.68
amount = 9000(1.08^20 - 1)/.08
= 9000(45.7619643) ---> last number should be in your handbook
= $411,857.68
2 answers