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Problem 05: Ann wants to save up for retirement, so she sets up an ordinary annuity. If she makes monthly payments of $400 and the annuity has an annual interest rate of 2.3%, compounded monthly, how much money will be in her account after 20 years? Round your answer to nearest cent.

Problem 05: Ann wants to save up for retirement, so she sets up an ordinary annuity. If she makes monthly payments of $400 and the annuity has an annual interest rate of 2.3%, compounded monthly, how much money will be in her account after 20 years? Round your answer to nearest cent.

Essentials Of Investments
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
Section: Chapter Questions
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Problem 05: Ann wants to save up for retirement, so she sets up an ordinary annuity. If she makes monthly payments of $400 and the annuity has an annual interest rate of 2.3%, compounded monthly, how much money will be in her account after 20 years? Round your answer to nearest cent.
Transcribed Image Text:Problem 05: Ann wants to save up for retirement, so she sets up an ordinary annuity. If she makes monthly payments of $400 and the annuity has an annual interest rate of 2.3%, compounded monthly, how much money will be in her account after 20 years? Round your answer to nearest cent.
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