An eighteen year old receives an annuity on her birthday, Financial Management

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An eighteen year old receives an annuity on her birthday

An eighteen year old receives an annuity on her birthday from her great uncle's estate paying 3,000 on her nineteenth birthday and subsequent payments that increase by $500 per year until age thirty-five. Find the value of the annuity on her eighteenth birthday assuming an interest rate of 7.25% compounded monthly.

(A) 53,352

(B) 55,241

(D) 59,299

(E) 62,789

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Financial Management: An eighteen year old receives an annuity on her birthday

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