Find the Balance of an Increasing Annuity in Which a Principal

question 39

Multiple Choice

Find the balance of an increasing annuity in which a principal of $20 is invested each month for 40 years, compounded monthly at a rate of 8%.

• A)$939.44
• B)$11,878.94
• C)$5,744.14
• D)$70,305.62
• E)$3,703.31

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Definitions:

Radios

Devices for receiving and sometimes transmitting sound waves over distances using electromagnetic waves.

Specialize And Trade

A concept in economics where individuals or nations focus on the production of a limited range of goods at which they are most efficient, and then trade with others to meet their diverse needs and wants.

Import

The act of bringing goods or services into one country from another for the purpose of sale.

Compasses

Instruments used for navigation and orientation that show direction relative to the geographic cardinal directions (North, South, East, and West).