Thinking Mathematically (6th Edition)

Published by Pearson
ISBN 10: 0321867327
ISBN 13: 978-0-32186-732-2

Chapter 8 - Personal Finance - 8.5 Annuities, Methods of Saving, and Investments - Exercise Set 8.5 - Page 538: 38

Answer

The value of an annuity is the total amount of money that will be in the account after all of the payments have been deposited.

Work Step by Step

An annuity is a sequence of equal payments made at equal time periods. The value of an annuity is the total amount of money that will be in the account after all the payments have been deposited and after all of the interest has been added to the account.
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