SOLUTION: Compound Annuity
What is the accumulated sum of the following payment:
$500 a year for 10years compounded annually at 5%
I tried: 500(1+5%)^10, but is doesn't seem enough-I th
Algebra.Com
Question 280921: Compound Annuity
What is the accumulated sum of the following payment:
$500 a year for 10years compounded annually at 5%
I tried: 500(1+5%)^10, but is doesn't seem enough-I think this is only a one time investment. Thank you.
Answer by checkley77(12844) (Show Source): You can put this solution on YOUR website!
500(1+.05)^10
500(1.05)^10
500*1.629=$814.45 ans.
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