3.3 5how much is in the account after seven years?how much of this is interest? Recently, More Money 4U offered an annuity that pays 6.3% compounded monthly. If $1,109 is deposited into this annuity every month, how much is in the accountafter 7 years? How much of this is interest?

We have to find the future value and interest for given monthly payment.

Answered: Recently, More Money 4U offered an…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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Recently, More Money 4U offered an annuity that pays 6.3% compounded monthly. If $1,109 is deposited into this annuity every month, how much is in the account after 7 years? How much of this is interest?