Juan has always dreamed of opening a café by the seaside. He decides he will save to help open the café by depositing money in an ordinary annuity that earns 5.4% interest, compounded annually. Deposits will be made at the end of each year. How much money will he need to deposit into the annuity each year for the annuity to have a total value of $24,000 after 9 years? Do not round intermediate computations, and round your final answer to the nearest cent. If necessary, refer to the list of financial formulas. EXPLANATION We will use the ordinary annuity formula. Ordinary Annuity Formula nt M -1 ... [(1 + ²) - ] A= r n Here A is the future value, M is the regular payment, r is the annual interest rate, n is the number of times a year the interest is compounded, and is the term of the investment in years.

Algebra and Trigonometry (6th Edition)
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ChapterP: Prerequisites: Fundamental Concepts Of Algebra
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Finding the periodic payment needed to meet an investment goal
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We will use the ordinary annuity formula.
Ordinary Annuity Formula
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How much money will he need to deposit into the annuity each year for the annuity to have a total value of $24,000 after 9 years?
Do not round intermediate computations, and round your final answer to the nearest cent. If necessary, refer to the list of financial formulas.
nt
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1+5
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1
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Types of annuities
More Practice
? QUESTION
Juan has always dreamed of opening a café by the seaside. He decides he will save to help open the café by depositing money in an ordinary annuity that earns
5.4% interest, compounded annually. Deposits will be made at the end of each year.
In this problem, we are trying to find the annual payment, M.
Horo is a cummary of what we know
-
O
Here A is the future value, M is the regular payment, r is the
annual interest rate, n is the number of times a year the interest
is compounded, and t is the term of the investment in years.
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Transcribed Image Text:Chrome File Edit View History Bookmarks Profiles Tab Window Help (4 unread) - X ← → C Yahoo Mail Explanation Page M Inbox (1) - cj x www-awu.aleks.com/alekscgi/x/Isl.exe/1o_u-IgNsIkasNW8D8A9PVVfh08cSwIMuwt718me-6P_GodLp1p2v4mMYbF9_miXao6vkCzFq00a0ofCu5Nqp8TtUiBBfS... Login - Powered b... Login - Powered b... M Gmail Parkland Parkland Email 31 Rantoul City Scho... +In-the-Field O CONSUMER MATHEMATICS Finding the periodic payment needed to meet an investment goal OO EXPLANATION We will use the ordinary annuity formula. Ordinary Annuity Formula Homepage x A ALEKS-Can xb Chrome File x Health & Hur x Course Catal x How much money will he need to deposit into the annuity each year for the annuity to have a total value of $24,000 after 9 years? Do not round intermediate computations, and round your final answer to the nearest cent. If necessary, refer to the list of financial formulas. nt M 1+5 . -[(-;-] 1 n A= r n Types of annuities More Practice ? QUESTION Juan has always dreamed of opening a café by the seaside. He decides he will save to help open the café by depositing money in an ordinary annuity that earns 5.4% interest, compounded annually. Deposits will be made at the end of each year. In this problem, we are trying to find the annual payment, M. Horo is a cummary of what we know - O Here A is the future value, M is the regular payment, r is the annual interest rate, n is the number of times a year the interest is compounded, and t is the term of the investment in years. GoGuardian Skyward Student - JUL 2 o Mail - Canda x W Math G 0/5 ΒΙΟ Q8 Ex: T184 TVN X + ☆ • E =S ☐ BIO2 D Candace ✓ Sat Jul 2 6:26 PM Ⓒ2022 McGraw Hill LLC. All Rights Reserved. Terms of Use | Privacy Center | Accessibility A & Español Aa V : Other Bookmarks
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