You invest in an annuity with a regular deposit of P%-D250 dollars each month. The annuity pays an annual interest rate of r=0.030, compounded monthly (i.e., each month you get an interest payment of i=r/12 times your current balance). As the months pass, your balance in the annuity is described by the sequence: b1=P, b2=P+P(1+i), b3=P+P(1+i)+P(1+iP, b4=P+P(1+i)+P(1+iR+P(1+i8.and so on. In general, your balance at the end of month n is the sum of a geometric sequence. How much is in your annuity after 27 years? (Round your answer to the nearest cent.) Your Answer:

A 55-year-old man deposits $50,000 to fund an annuity with an insurance company. The money will be invested at 8% per year, compounded semiannually. He is to draw semiannual payments until he reaches age 65. What is the amount of each payment?

A principal amount of $365 is placed in a savings account with an annual rate of 2.08% simple interest for 6 years. Which formula would correctly determine the total account balance?

An investment earns 4% per year and is worth $10,000 after 7 years. PV =