recently, more money 4u offered an annuity that pays 5.7 % compounded monthly. if $1,011 is deposited into this annuity every month, how much is in the account after 6years? (round to the nearest dollar) part 2 of the question: how much of this is interest? (round to the nearest dollar)

Recall that the future value (FV), of an annuity payment of $P, for, n years at, t times a year at, r% interest compounded, t times a year is given by


Given that More Money 4U offered an annuity that pays r = 5.7% = 0.057 compounded monthly (12 times a year or t = 12). If P = $1,011 is deposited into this annuity every month (t = 12), then after n = 6 years the amount in the account is given by:


Therefore, the amount in the account after 6years rounded to the nearest dollar is $86,546.

PART 2:
Given that $1,011 is deposited into this annuity every month for 6 years, the amount deposited into the account is given by
$1,011 x 12 x 6 = $72,792

Therefore, the amount of interest accrued is given by
$86,546 - $72,792 = $13,754

Therefore, the amount of interest received is $13,754

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