Solve. -A Sequence of Yearly Payments of $6000 Is Invested at at an Interest

question 123

Multiple Choice

Solve.
-A sequence of yearly payments of $6000 is invested at an interest rate of 5.2%, compounded annually. What is the total amount of the annuity after 8 years?

• A) $58,706.12
• B) $57,706.12
• C) $56,706.12
• D) $57,206.12

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Definitions:

Balanced Equation

A chemical equation in which the number of atoms for each element in the reaction and the total charge are the same on the reactants side and the products side.

HCl

Hydrochloric acid, a strong corrosive acid that is a colorless or slightly yellow liquid when pure.

Balanced Equation

A chemical equation where the number of atoms for each element, and the total charge, are the same on both the reactants and products sides.

Fe2O3

Iron(III) oxide, a reddish-brown solid also known as rust, used in various applications such as painting and in the synthesis of iron.