Lauren invests $300 each month into an annuity that earns 7.1% annual interest, compounded monthly, for 35 years. She puts together the following formula to show her account balance at the end of the 35 years.

What mistake did Lauren make?

Question

05-11-2022
Mathematics

Answered

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Lauren invests $300 each month into an annuity that earns 7.1% annual interest, compounded monthly, for 35 years. She puts together the following formula to show her account balance at the end of the 35 years.

What mistake did Lauren make?

Sagot :

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