Final answer:
The question regards calculating the future value of a monthly annuity investment of $750 for 15 years at a 5.9% interest rate compounded monthly. The calculation involves using the future value of an annuity due formula, considering the periodic payment, interest rate, compounding frequency, and number of payments.
Step-by-step explanation:
The student is asking about calculating the future value of an annuity, where $750 is deposited at the start of each month for 15 years at an interest rate of 5.9% compounded monthly. The future value is calculated using the formula for the future value of an annuity due, which takes into account the regular payments, the interest rate, and the compounding frequency. The simple interest here is not relevant as we are dealing with compound interest.
To calculate the future value of this annuity, one would use the annuity formula:
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By computing these figures, you will obtain the total future amount that the investment will be worth at the end of the 15-year period assuming a 5.9% interest rate compounded monthly.