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Luana loves shopping for clothes, but considering the state of the economy, she has decided to start saving. At the end of each year, she will deposit $710 in her local bank, which pays her 4% annual interest.
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Luana loves shopping for clothes, but considering the state of the economy, she has decided to start saving. At the end of each year, she will deposit $710 in her local bank, which pays her 4% annual interest. Luana decides that she will continue to do this for the next five years. Luana savings are an example of an annuity. How much will she save by the end of five years?O $3,160.79 O $3,845.59 O $3,999.41O $3,268.75

User Wesleyy
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Answer:

Step-by-step explanation:

Ordinary Annuity = Investment * PVAF(Interest, number of years)

Ordinary Annuity = $710 * PVAF(4%,5 years)

=$710 * 4.4518

=$3160.79

User Ujjwal Khatri
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