Bob wants to save money to remodel his house. He deposits 1,200 pesos at the end of each year in an ordinary annuity that earns 3% interest, compounded annually. Do not round any intermediate computations nor answers. Find the total value of the annuity at the end of the 3rd vear.

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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QUESTION 6

Bob wants to save money to remodel his
house. He deposits 1,200 pesos at the end
of each year in an ordinary annuity that
earns 3% interest, compounded annually.
Do not round any intermediate
computations nor answers.
Find the total value of the annuity at the
end of the 3rd vear.
Transcribed Image Text:Bob wants to save money to remodel his house. He deposits 1,200 pesos at the end of each year in an ordinary annuity that earns 3% interest, compounded annually. Do not round any intermediate computations nor answers. Find the total value of the annuity at the end of the 3rd vear.
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