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12.3 Exercise 94

Avg difficulty 2.5

Solve the problem.

Myra just got her first full-time job after graduating from college. She plans to get a master’s degree, and so is depositing $2,500\$ 2,500 a year from her year-end bonus into an annuity. The annuity pays 6.5%6.5 \% per year and is compounded yearly. How much will she have saved in five years to pursue her master’s degree?

OpenStax Intermediate Algebra 2e, 12.3 Geometric Sequences and Series, exercise 94

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Adapted from Intermediate Algebra 2e © 2020 Rice University. Licensed under CC BY 4.0. Source: Intermediate Algebra 2e. Imported at revision 77a933c.