OpenStax, Algebra and Trigonometry 2e §13.4 Series and Their Notations · Example 11 · Probability · Counting & chance
Solving an Annuity Problem
A deposit of $100 is placed into a college fund at the beginning of every month for 10 years. The fund earns 9% annual interest, compounded monthly, and paid at the end of the month. How much is in the account right after the last deposit?
OpenStax, Algebra and Trigonometry 2e · §13.4 Series and Their Notations · Example 11
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