Solve the problem. Round to the nearest cent.
-James has set up an ordinary annuity to save for his retirement in 19 years. If his monthly Payments are $200 and the annuity has an annual interest rate of 7.5% compounded monthly, What will be the value of the annuity when he retires?
A) $104,462.72
B) $100,462.72
C) $75,347.04
D) $86,397.94

Question

Quizplus · Accepted Answer

The Answer of Solve the problem. Round to the nearest cent.
-James has set up an ordinary annuity to save for his retirement in 19 years. If his monthly Payments are $200 and the annuity has an annual interest rate of 7.5% compounded monthly, What will be the value of the annuity when he retires?
A) $104,462.72
B) $100,462.72
C) $75,347.04
D) $86,397.94

Solve the Problem. Round to the Nearest Cent