Recently, More Money 4U offered an annuity that pays 6.3% compounded monthly. If $1,256 is deposited into this annuity every month, how much is in the account after 12 years? How much of this is interest? Type the amount in the account: $ (Round to the nearest dollar.)

Recently, More Money 4U offered an annuity that pays 6.3% compounded monthly. If $1,256 is deposited into this annuity every month, how much is in the account after 12 years? How much of this is interest? Type the amount in the account: $ (Round to the nearest dollar.)

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter11: Capital Budgeting Decisions

Section: Chapter Questions

Problem 6MC: You want to invest $8,000 at an annual Interest rate of 8% that compounds annually for 12 years....

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Recently, More Money 4U offered an annuity that pays 6.3% compounded monthly. If $1.256 is deposited into this annuity every month, how much is in the account
after 12 years? How much of this is interest?
Type the amount in the account:
(Round to the nearest dollar.)

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