Solve.
-A sequence of yearly payments of $3000 is invested at the end of each of 9 years at an interest rate of 4.6%%, compounded annually. What is the total amount of the annuity after 9 years?
A)$32,539.77
B)$31,539.77
C)$33,539.77
D)$32,039.77

Question

Quizplus · Accepted Answer

The total amount of the annuity can be calculated using the future value of an annuity formula: $FV = P \times \frac{(1 + r)^n - 1}{r}$, where $P$ is the payment amount, $r$ is the annual interest rate, and $n$ is the number of payments. Plugging in the given values ($P = 3000$, $r = 0.046$, $n = 9$), we get $FV = 3000 \times \frac{(1 + 0.046)^9 - 1}{0.046}$, which calculates to approximately $32,539.77.

Solve. -A Sequence of Yearly Payments of $3000 Is Invested at at the End