Thank you for visiting Find the future value of an annuity with monthly payments of 62 50 for 37 years at an interest rate of 10 16. This page is designed to guide you through key points and clear explanations related to the topic at hand. We aim to make your learning experience smooth, insightful, and informative. Dive in and discover the answers you're looking for!
Answer :
Final answer:
The future value of an annuity with payments of $62.50 monthly for 37 years at 10.16% is approximately $68,363.87.
Explanation:
To find the future value of an annuity with payments of $62.50 monthly for 37 years at 10.16%, we can use the future value of an annuity formula: FV = P *((1 + r)^t - 1)/r, where P is the monthly payment, r is the interest rate per period, and t is the total number of periods.
Plugging in the given values, we get: FV = $62.50 *((1 + 0.1016)^37 - 1)/0.1016. Evaluating this expression, we find that the future value of the annuity is approximately $68,363.87.
Therefore, the future value of the annuity with payments of $62.50 monthly for 37 years at 10.16% is approximately $68,363.87.
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