An annuity is a sequence of payments made at regular intervals. Suppose that a sum of $200 is deposited at the end of each month into an account earning interest at the rate of 12% per year compounded monthly. Then the amount on deposit at the end of the month is .
Consider the sequence defined by (a) Find the term of the sequence, and interpret your result.
(b) Evaluate and interpret your result.

Question

An annuity is a sequence of payments made at regular intervals. Suppose that a sum of $200 is deposited at the end of each month into an account earning interest at the rate of 12% per year compounded monthly. Then the amount on deposit at the end of the  month is  .
Consider the sequence  defined by  (a) Find the  term of the sequence, and interpret your result.
(b) Evaluate  and interpret your result.

Quizplus · Accepted Answer

The Answer of An annuity is a sequence of payments made at regular intervals. Suppose that a sum of $200 is deposited at the end of each month into an account earning interest at the rate of 12% per year compounded monthly. Then the amount on deposit at the end of the  month is  .
Consider the sequence  defined by  (a) Find the  term of the sequence, and interpret your result.
(b) Evaluate  and interpret your result.

An Annuity Is a Sequence of Payments Made at Regular