Question

Recently, More Money 4U offered an annuity that pays 45% compounded monthly If $1,000 is deposited into this annuity overy month, how much is in the account after 4 years? How much of this is interest?Type the amount in the accounts(Round to the nearest dollar)

Answer 1

Given that,

Interest rate compounded monthly is 45%

Amount deposited is $1000

Total number of months in 4 years is 4x12=