Ask Question
Today, 05:30

Joe Sullivan invests $9,000 at the end of each year for 20 years. The rate of interest Joe gets is 8% annually. Using the tables in the Business Math Handbook that accompanies the course textbook, determine the final value of Joe's investment at the end of the 20th year on this ordinary annuity.

+1
Answers (1)
  1. Today, 06:34
    0
    Joe Sullivan invested 9000 dollars at the end of each year for 20 years.

    THen the interest rate that he is receiving is 8% per year.

    Let's solve for the total money he will receive for 20 years.

    => 9000 * 0.08 = 720

    => 9000 + 720 = 9720 dollars per year.

    => 9720 * 20 years = 194 400 dollars in 20 years
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Joe Sullivan invests $9,000 at the end of each year for 20 years. The rate of interest Joe gets is 8% annually. Using the tables in the ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers