## Calculus with Applications (10th Edition)

$$S = \ 22,538.7$$
\eqalign{ & R = \ 1500,\,\,\,\,\,i = 0.04,\,\,\,\,\,{\text{ and }}n = 12 \cr & {\text{The amount }}S{\text{ of an annuity of payments of }}R{\text{ dollars each}}{\text{, made at the }} \cr & {\text{ end of each period for n consecutive interest periods at a rate of interest}} \cr & {\text{ }}i{\text{ per period}}{\text{, is given b}}y \cr & S = R\left[ {\frac{{{{\left( {1 + i} \right)}^n} - 1}}{i}} \right] \cr & {\text{Substituting }}R,\,\,\,i{\text{ and }}n \cr & S = \ 1500\left[ {\frac{{{{\left( {1 + 0.04} \right)}^{12}} - 1}}{{0.04}}} \right] \cr & {\text{Simplify by using a calculator}} \cr & S = \ 1500\left( {15.0258} \right) \cr & S = \ 22,538.7 \cr}