Monthly payments of 75 are paid into an annuity beginning on

Monthly payments of ?$75 are paid into an annuity beginning on January? 31, with a yearly interest rate of 12?%, compounded monthly. Add the future values of each payment to calculate the total value of the annuity on September 1.
On September? 1, the value of the annuity will be:

?(Round to the nearest? cent.)

Math 1060-CV-Summer 2018 Evaluation 1 Systems, Matrices, Finance This Question: 1 pt 19 of 32 This Test: 32 pts Mordily payments of $75 are paid into an annuhy paymaet to caculate the total value of the annulty on Saptamber 1 on January 31, wth , yurt, inerest rate of t2% compounded monthly Add Round to the nearest cent) IN THE LooP

Solution

Calculation of value of annuity as on September? 1 Month Period Amount Future value factor @ 1% Future value A B C D C*D Jan 0 $75.00                      1.07214 $80.41 Feb 1 $75.00                      1.06152 $79.61 Mar 2 $75.00                      1.05101 $78.83 April 3 $75.00                      1.04060 $78.05 May 4 $75.00                      1.03030 $77.27 June 5 $75.00                      1.02010 $76.51 July 6 $75.00                      1.01000 $75.75 Aug 7 $75.00                      1.00000 $75.00 On September? 1, the value of the annuity will be: $621.43