Ordinary annuity the interest is compounded with each payment

jagguarpaw January 16, 2017 0 Comments

Question: Ordinary annuity, the interest is compounded with each payment…

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 accumulated amount of the annuity. (Round your answer to the nearest cent.)

$2500 annually at 6% for 10 years.