mnm123005 mnm123005
  • 17-05-2017
  • Mathematics
contestada

Madison has an annuity that pays $9003 at the beginning of each year. If the economy grows at a rate of 3.4% each year, what is the value of the annuity if she received it in a lump sum now rather than over a period of 9 years?

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raphy1835
raphy1835 raphy1835
  • 21-05-2017
Your equation would look like this:

y=9003(1.034)^9
y=$12,164 about
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