3
QuizMultiple Choice

Annuities

Question 3 • SNHS Financial Math - MA2007

$3,250 is withdrawn at the end of every month from an account paying 4.1% compounded monthly. Determine the previous value of the account, given that withdrawals are made from the account for 30 years. Round to the nearest cent.

Answer
A
$1,170,000.00
B
$2,304,150.99
C
$674,899.66
D
$672,601.61
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