Under a company savings plan a worker contributes 250 a, Finance Basics

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Under a company savings plan a worker contributes 250 a

Question: a) Under a company savings plan, a worker contributes $250 a month to an ordinary annuity paying 6%, compounded monthly. Calculate the annuity's worth in 35 years.

b) You are planning to buy a car in 3 years. So you pay $250 each month into an account that pays 4% annual interest, compounded monthly. Find the present value of the annuity.

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Finance Basics: Under a company savings plan a worker contributes 250 a

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