Find the Amount of an Annuity If $300 Per Month

question 135

Multiple Choice

Find the amount of an annuity if $300 per month is paid into it for a period of 17 years, earning interest at the rate of 9% per year compounded continuously.

• A) $144,727
• B) $118,909
• C) $245,790
• D) $179,614
• E) $179,511

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Definitions:

Tax-Exempt Income

Income that is not subject to taxation by the government.

Health Insurance

A type of insurance coverage that pays for medical and surgical expenses incurred by the insured, often including preventive services, treatments, and surgeries.

Medical Insurance

Health coverage that typically pays for medical, surgical, prescription drug, and sometimes dental expenses incurred by the insured.

Health Risks

Potential factors or behaviors that can lead to disease, injury, or other health problems.