The formula is A = (R((1+ i)^n -1))/i
R is the regular payments
i is the interest
n is the number of compounding periods
Determine the amount of each ordinary simple annuity.
A) $650 deposited every 6 months for 8 years at 9% per year compounded semi-annually.
B) $375 deposited every month for 6 years at 5.9% per year compounded monthly
CAN SOMEONE HELP ME GET STARTED ON THESE QUESTIONS? I started it but I was getting different answers from the textbook.
2 answers
Um, I guess plug in the numbers into the formula? I mean, I don't really get your problem.
I’m getting different answers
2 answers