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QUESTION
Suppose you sign up for an annuity in which you save $1000 per month for 35 years. The annuity promises you an annual interest rate of 3% compounded...
Suppose you sign up for an annuity in which you save $1000 per month for 35 years. The annuity promises you an annual interest rate of 3% compounded monthly. How much will the annuity be worth in 35 years?
What is the step by step process using both a financial calculator (inputting N, I/Y, PV, PMT, FV) and using a formula?
