Explanation Given: Smoker invests $179.40 in the savings account monthly. The interest rate is 4.8%. The annuity is compounded monthly and it is for 40 years. Formula used: Future value of an ordinary annuity is S = R [ ( 1 + i ) n − 1 i ] . Where, S is the future value; R is the periodic payment; i is the interest rate per period; n is the number of periods. Calculation: Given that, Smoker deposits $179.40 in the savings account monthly. Hence the periodic payment is R = $ 179.40 . The interest is compounded monthly, then number of payments made in a year is m = 12 . It is given that the annuity is for t = 40 years . Hence, the number of periods is n = m t . That is, 12 × 40 = 480 . It is given that the interest rate is r = 4.8 % . Then the interest rate per period is, i = r m = 4.8 % 12 = 0

Finite Mathematics and Calculus with Applications (10th Edition)

10th Edition

ISBN: 9780321979407

Author: Margaret L. Lial, Raymond N. Greenwell, Nathan P. Ritchey

Publisher: PEARSON

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Chapter 5.2, Problem 49E

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Chapter 5.2, Problem 48E

Chapter 5.2, Problem 50E

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Chapter 5 Solutions

Finite Mathematics and Calculus with Applications (10th Edition)

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The amount that will be in the account after 40 years.

Solution Summary: The author explains that Smoker invests 179.40 in the savings account monthly. The interest rate is 4.8% and the annuity is compounded monthly for 40 years.

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To find: The amount that will be in the account after 40 years.

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Chapter 5 Solutions