math

James has set up an ordinary annuity to save for his retirement in 18 years. If his monthly payments are $225 and the annuity has an annual interest rate of 8% compounded monthly, what will be the value of the annuity when he retires?

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  1. i = .08/12 = .006666..
    n = 18(12) = 216

    amount = 225( 1.00666..^216 - 1)/.00666..
    = ...

    you do the button pushing

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    posted by Reiny
  2. thanks...I got it!

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