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What is the difference between the final balances

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Question - How do you figure out annuity balances if you know the term of the annuity, the principal amount invested, and the required deposits, and the interest rate, so you can compare two different ones?

Nick can invest $10,000 in either one of two annuities. Annuity A has a 6% annual interest rate and requires a starting principal of $9,000,, plus annual $100 deposits for the next 10years. Annuity B has a 12% annual interest rate and requires a starting principal of $9,000, plus annual $200 deposits for the next 5 years. What is the difference between the final balances of the two annuities?

Reference no: EM133053550

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