You are saving for your retirement by investing $500 per month in an annuity with a guaranteed interest rate of 6% per year. You increase the amount you invest at the rate of 3% per year. With continuous investment and compounding, how much will you have accumulated in the annuity by the time you retire in 35 years? Round your answer to the nearest cent.
?
A. $1,061,703.76
B. $130,012.45
C. $95,283.13
D. $10,617.04
E. $12,160,006.57
Answer: A
You might also like to view...
Simplify completely.
A.
B.
C.
D.
Determine the standard equation of the hyperbola with the given characteristics and sketch the graph.The vertex is at (0, 5 ) and the foci are at (0, ) and (0, -
).
A. -
= 1
B. -
= 1
C. -
= 1
D. -
= 1
Solve the problem.A ladder is resting against a wall. The top of the ladder touches the wall at a height of 12 feet. Find the length of the ladder if the length is 4 feet more than its distance from the wall.
A. 24 feet B. 16 feet C. 12 feet D. 20 feet
Solve the problem.A cup of coffee with temperature 103°F is placed in a freezer with temperature 0°F. After 7 minutes, the temperature of the coffee is 57.2°F. What will its temperature be 16 minutes after it is placed in the freezer? Round your answer to the nearest degree.
A. 25°F B. 27°F C. 21°F D. 23°F