Use the ordinary annuity formula After 30 years, you will have approximately S nt (Round to the nearest cent as needed.) - 1 A = to determine the accumulated amount in the annuity. Periodic Deposit Rate Time $7000 at the end of each year 5.5% compounded annually 30 years
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
![**Ordinary Annuity Formula Application**
To determine the accumulated amount in an annuity, use the ordinary annuity formula:
\[
A = p \left[ \left( 1 + \frac{r}{n} \right)^{nt} - 1 \right] \div \frac{r}{n}
\]
Where:
- \( A \) is the accumulated annuity amount.
- \( p \) is the periodic payment amount.
- \( r \) is the annual interest rate (as a decimal).
- \( n \) is the number of times the interest is compounded per year.
- \( t \) is the number of years.
**Annuity Details:**
| **Periodic Deposit** | $7000 at the end of each year |
|----------------------|-------------------------------|
| **Rate** | 5.5% compounded annually |
| **Time** | 30 years |
After 30 years, you will have approximately $_______.
*(Round to the nearest cent as needed.)*](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb0d79c4c-40ce-427b-b4a0-26ffd9f423cd%2Fe62a0bf2-c833-428b-8df9-a654740e24c1%2F454pht_processed.png&w=3840&q=75)
Trending now
This is a popular solution!
Learn your way
Includes step-by-step video
Step by step
Solved in 2 steps with 2 images
