In the following ordinary annuity, the interest is compounded with each payment, and the payment is made at the end of the compounding period. Find the amount of time needed for the sinking fund to reach the given accumulated amount. (Round your answer to two decimal places.) $3500 yearly at 6% to accumulate $100,000. yr
In the following ordinary annuity, the interest is compounded with each payment, and the payment is made at the end of the compounding period. How much must you invest each month in a mutual fund yielding 12.9% compounded monthly to become a millionaire in 10 years? (Round your answer to the nearest cent.) $
Calculate the present value of the annuity. (Round your answer to the nearest cent.) $19,000 annually at 7% for 10 years. $