#globalmathinstitute #anilkumarmath Annuities Examples: [ Ссылка ]
Jeff is saving for his retirement 24 years from now by setting up a savings plan. He has set up a savings plan wherein he will deposit $120.00 at the end of every six month for the next 10 years. Interest is 11% compounded semi-annually.
a. How much money will be in his account on the date of his retirement?
b. How much will Jeff contribute?
c. How much will be the interest?
Annuity Future Value: [ Ссылка ]
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Present Value P of an Annuity of n payments of R each at the end of consecutive interest periods with interest compounded at a rate i per period is given by the formula: PV=R((1-(1+i)^(-n))/i)
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