Find the amount of an annuity if $300/month is paid

| August 30, 2017

Question
5. Find the amount of an annuity if $300/month is paid into it for a period of 20 years, earning interest at the rate of 2%/year compounded continuously. (Round your answer to the nearest whole number.)

6. Find the amount of an annuity if $420/month is paid into it for a period of 20 years, earning interest at the rate of 7%/year compounded continuously. (Round your answer to the nearest whole number.)

7.Aiso deposits $110/month in a savings account paying 7%/year compounded continuously. Estimate the amount that will be in his account after 15 years. (Round your answer to the nearest whole number.)

8.The Armstrongs wish to establish a custodial account to finance their children’s education. If they deposit $210 monthly for 10 years in a savings account paying 5%/year compounded continuously, how much will their savings account be worth at the end of this period? (Round your answer to the nearest whole number.)

9. A state lottery commission pays the winner of the “Million Dollar” lottery 20 annual installments of $50,000 each. If the prevailing interest rate is 4%/year compounded continuously, find the present value of the winning ticket. (Round your answer to two decimal places.)

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