Answer:
Total amount will be = $856584.02
Explanation:
Annual invested amount by Reiss = $5000
Interest rate earned on the invested amount = 8 percent annually or 0.08.
Total number of years the amount invested, 22 + 12 = 34 years
Now we have to find the total amount if the total investment years are 34 years. Below is the calculation.
[tex]\text{Total amount} =Annuity [ \frac{(1+r)^{n} - 1}{r}] \\= 5000 [ \frac{(1 + 0.08 )^{34} - 1}{0.08}] \\= 856584.02 \ dollars[/tex]
