this annuity every month, how much is in the account after 8 years? How much of this is interest? Type the amount in the account: $212590.28 (Round to the nearest dollar.) Type the amount of interest earned: $39982.28 (Round to the nearest dollar)

this annuity every month, how much is in the account after 8 years? How much of this is interest? Type the amount in the account: $212590.28 (Round to the nearest dollar.) Type the amount of interest earned: $39982.28 (Round to the nearest dollar)

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications

Section: Chapter Questions

Problem 15E

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Question

Recently, More Money 4U offered an annuity that pays 5.1% compounded monthly. If $1,798 is deposited into
this annuity every month, how much is in the account after 8 years? How much of this is interest?
Type the amount in the account: $212590.28
(Round to the nearest dollar.)
Type the amount of interest earned: $39982.28
(Round to the nearest dollar)

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