Find the value of the annuity and the interest. Round to the nearest dollar. nt 1+ - 1 A P[(1 +r}* - 1] A = A = P = r r nt - 1 Periodic Deposit: $1000 at the end of each year Rate: 5.5% compounded annually Time: 13 years A. $18,287; $5,287 B. $16,386; $3,386 C. $36,469; $23,469 D. $3,457; $9,543

A First Course in Probability (10th Edition)
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ISBN:9780134753119
Author:Sheldon Ross
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Chapter1: Combinatorial Analysis
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Find the value of the annuity and the interest. Round to the nearest dollar.
nt
P
1+
n
- 1
A
P[(1 +r}* - 1]
A =
A =
P =
r
r
nt
+
- 1
Periodic Deposit: $1000 at the end of each year
Rate: 5.5% compounded annually
Time: 13 years
O A. $18,287; $5,287
B. $16,386; $3,386
C. $36,469; $23,469
D. $3,457; $9,543
Transcribed Image Text:Find the value of the annuity and the interest. Round to the nearest dollar. nt P 1+ n - 1 A P[(1 +r}* - 1] A = A = P = r r nt + - 1 Periodic Deposit: $1000 at the end of each year Rate: 5.5% compounded annually Time: 13 years O A. $18,287; $5,287 B. $16,386; $3,386 C. $36,469; $23,469 D. $3,457; $9,543
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