Answer:
Annuity for 30 years per month = $22846
Step-by-step explanation:
The Principal = $500,000
The interest rate at 10%
The time period =30 years
So, [tex]Amount = prinipal (1 + \frac{Rate}{100})^{Time}[/tex]
Or, [tex]Amount = $500,000 (1 + \frac{10}{100})^{30}[/tex]
Or, Amount = $8724701.134
So, Compound Interest = A - P
Or, CI = $8724701.134 - $500,000 = $8224701.13
∴ Annuity for 30 years per month = [tex]\frac{8224701.134}{360}[/tex]= $22846 Answer
