Suppose Jorge Otero has set up an annuity due with a certain credit union. At the beginning of each month, $150 is electronically debited from his checking account and placed into a savings account earning 6% interest compounded monthly. What is the value (in $) of Jorge's account after 16 months
Suppose Jorge Otero has set up an annuity due with a certain credit union. At the beginning of each month, $150 is electronically debited from his checking account and placed into a savings account earning 6% interest compounded monthly. What is the value (in $) of Jorge's account after 16 months
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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Question
Suppose Jorge Otero has set up an annuity due with a certain credit union. At the beginning of each month, $150 is electronically debited from his checking account and placed into a savings account earning 6% interest compounded monthly. What is the value (in $) of Jorge's account after 16 months? (Round your answer to the nearest cent.)
The values in Table 12-1 were generated by the formula ((1 + ) - 1)⁄ and rounded to five decimal places, where is the interest rate per period and is the total number of periods.
Transcribed Image Text:26 27.69191 29.52563 31.51397 33.67091 38.55304 44.31174 51.11345 59.15638 68.67647 79.95442 93.32398 109.18177 127.99877 150.33393 176.85010 208.33274
27 28.83037 30.82089 32.98668 35.34432 40.70963 47.08421 54.66913
28 29.97452 32.12910 34.48148 37.05121 42.93092 49.96758 58.40258
29 31.12439 33.45039 35.99870 38.79223 45.21885 52.96629 62.32271 73.63980
30 32.28002 34.78489 37.53868 40.56808 47.57542 56.08494 66.43885
63.70577 74.48382 87.35077 102.72313 121.09994 143.07864 169.37401 200.84061 238.49933
68.52811 80.69769 95.33883 112.96822 134.20994 159.81729 190.69889 227.94989 272.88923
87.34653 103.96594 124.13536 148.63093 178.39719 214.58275 258.58338 312.09373
79.05819 94.46079 113.28321 136.30754 164.49402 199.02088 241.33268 293.19922 356.78685
31 33.44142 36.13274 39.10176 42.37944 50.00268 59.32834 70.76079 84.80168 102.07304 123.34587 149.57522 181.94342 221.91317 271.29261 332.31511 407.73701
32 34.60862 37.49407 40.68829 44.22703 52.50276 62.70147 75.29883 90.88978 110.21815 134.21354 164.03699 201.13777 247.32362 304.84772 376.51608 465.82019
33 35.78167 38.86901 42.29861 46.11157 55.07784 66.20953 80.06377 97.34316 118.93343 145.95062 179.80032 222.25154 275.52922 342.42945 426.46317 532.03501
34 36.96058 40.25770 43.93309 48.03380 57.73018 69.85791 85.06696 104.18375 128.25876 158.62667 196.98234 245.47670 306.83744 384.52098 482.90338 607.51991
35 38.14538 41.66028 45.59209 49.99448 60.46208 73.65222 90.32031 111.43478 138.23688 172.31680 215.71075 271.02437 341.58955 431.66350 546.68082 693.57270
36 39.33610 43.07688 47.27597 51.99437 63.27594 77.59831 95.83632 119.12087 148.91346 187.10215 236.12472 299.12681 380.16441 484.46312 618.74933 791.67288
Transcribed Image Text:208.33274 245.71197 290.08827 342.76268 405.27211
238.49933 283.56877 337.50239 402.03234 479.22109
272.88923 327.10408 392.50277 471.37783 566.48089
312.09373 377.16969 456.30322 552.51207 669.44745
356.78685 434.74515 530.31173 647.43912 790.94799
407.73701 500.95692 616.16161 758.50377 934.31863
465.82019 577.10046 715.74746 888.44941 1103.49598
532.03501 664.66552 831.26706 1040.48581 1303.12526
607.51991 765.36535 965.26979 1218.36839 1538.68781
693.57270 881.17016 1120.71295 1426.49102 1816.65161
791.67288 1014.34568 1301.02703 1669.99450 2144.64890
Expert Solution
Step 1
Given,
annuity due,
monthly payment = $150
number of period= 16
the table given in the question is for ordinary annuity, therefore required to see annuity due table,
Step by step
Solved in 2 steps with 1 images
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