Each week, $350 is placed into an annuity that earns 10% compounded weekly. Find the value of the annuity immediately after the 487th payment. O $2,348,329.71 $65,051.36 $5,045.28 $281,889.23 $10,176,095.41

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Q: Ali is making $1,000 monthly deposits into a fund that pays interest at a rate of 6% compounded…

A: Given: Monthly deposit = $1,000 Interest rate = 6% Years = 10

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A: Variables in the question:Payments during 1st year=250  per quarterPayments during Year 2=105 per…

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Amortized Loans

The term "amortization" refers to spreading the value of a loan or a debt over a series of regular payments or installments comprising of both the principal and interest amount. It generally involves the process where in the value of a loan or an intangible asset is written down over its maturity period.