Annuities. Section 5.3. Introduction. Let’s say you want to save money to go on a vacation, or you want to save money now for your baby’s college education. A strategy for saving a little bit of money in the present and having a big payoff in the future is called an annuity .
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Totaling up the future value column, we see that Claire has $2569.80 to use for her vacation. She earned $69.80 in interest.