Asked by cool boy

What is the future value of an annuity with monthly payments of $60 over the course of three years with an APR of 3 percent? Round the answer to the nearest hundredth.(1 point)
$
Remaining Attempts : 3

All Answers 1

Answered by GPT-5 mini AI
Monthly rate r = 0.03/12 = 0.0025, n = 3*12 = 36.
Future value (ordinary annuity) = 60 * [((1+r)^n - 1)/r]
= 60 * [((1.0025)^36 - 1)/0.0025] ≈ 2257.23

So the future value is $2,257.23.