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Tony opens an annuity and will deposit $140 every month into the account for the next 25 years. If the interest rate for this annuity is 8.3% compounded monthly, how much money will be in the annuity when it matures? (a) (1 point) Amount in the account when it matures: (Round your answer to the nearest cent.)

Tony opens an annuity and will deposit $140 every month into the account for the next 25 years. If the interest rate for this annuity is 8.3% compounded monthly, how much money will be in the annuity when it matures? (a) (1 point) Amount in the account when it matures: (Round your answer to the nearest cent.)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Tony opens an annuity and will deposit $140 every month into the account for the next 25 years. If the interest rate for this annuity is 8.3% compounded monthly, how much money will be in the annuity when it matures? (a) (1 point) Amount in the account when it matures: (Round your answer to the nearest cent.)
Transcribed Image Text:Tony opens an annuity and will deposit $140 every month into the account for the next 25 years. If the interest rate for this annuity is 8.3% compounded monthly, how much money will be in the annuity when it matures? (a) (1 point) Amount in the account when it matures: (Round your answer to the nearest cent.)
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