Suppose payments were made at the end of each month into an ordinary annuity earning interest at the rate of 3.5%/year compounded monthly. If the future value of the annuity after 15 years is $55,000, what was the size of each payment?

The size of each payment is $232.70.

Step-by-step explanation:

The formula to compute the future value of annuity is:

Here,

FV = Future value = $55,000

r = interest rate = 3.5% = 0.035/12 = 0.00292

n = number of periods = 15 × 12 = 180

P = Periodic payments.

Compute the monthly payments as follows:

Thus, the size of each payment is $232.70.

grab rope, tie a loop-de-loop, put it around ur neck, now jump while its tied to a high place. now your shoes are cool.

step-by-step explanation:

exa:

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3+11

14

step-by-step explanation:

from this example, we can see that subtracting with integers is the same as adding the opposite. we can solve using a number line or by using the saying "keep, change, change" to us solve. it is important to remember that we can subtract a negative and end up with a larger number than we started with.