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SS3: MATHEMATICS - 2ND TERM

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  1. Matrices I | Week 1
    6 Topics
  2. Matrices II | Week 2
    1 Topic
    |
    1 Quiz
  3. Commercial Arithmetic | Week 3
    7 Topics
    |
    1 Quiz
  4. Coordinate Geometry | Week 4
    8 Topics
    |
    1 Quiz
  5. Differentiation of Algebraic Expressions | Week 5 & 6
    7 Topics
  6. Application of Differentiation | Week 7
    4 Topics
    |
    1 Quiz
  7. Integration | Week 8
    8 Topics
    |
    1 Quiz



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This is a series of equal sum of money paid at regular intervals. It is usually paid annually at the end of a year.

We can calculate annuity using the formula of a geometric sequence.

Total amount = \( \frac{P \left [ \left ( 1 + \frac{r}{100} \right)^n \; – \; 1 \right] }{\left ( 1 + \frac{r}{100} \right) \; – \; 1 } \)

Example: Find the amount of an annuity of #10,000 paid yearly for 3years at 8% per annum.

Total amount = \( \frac{10,000 \left [ \left ( 1 + \frac{8}{100} \right)^3 \; – \; 1 \right] }{\left ( 1 + \frac{8}{100} \right) \; – \; 1 } \)

= \( \frac{10000(1.08)^3 – 1}{1.08 \; – \; 1} \)

= #32464.00

Exercise.

1. Find the amount credited by an annuity of #60000 payable yearly for 4 years at 4% interest.

2. Find the amount arising from an annuity of #24000.00 per annum payable yearly for 9years, with compound interest at 5% per annum.

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