Solve the problem.James has set up an ordinary annuity to save for his retirement in 16 years. If his monthly payments are $225 and the annuity has an annual interest rate of 7%, what will be the value of the annuity when he retires?
A. $79,260.33
B. $83,260.33
C. $59,445.24
D. $68,163.88
Answer: A
Mathematics
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