An Annuity Is a Sequence of Payments Made at Regular

question 115

Essay

An annuity is a sequence of payments made at regular intervals. Suppose that a sum of $200 is deposited at the end of each month into an account earning interest at the rate of 12% per year compounded monthly. Then the amount on deposit at the end of the month is .
Consider the sequence defined by (a) Find the term of the sequence, and interpret your result.
(b) Evaluate and interpret your result.

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