Question
PMT= $900, 8% interest compounded semiannually for 13 years. Find the future value of the ordinary annuity
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Answer to a math question PMT= $900, 8% interest compounded semiannually for 13 years. Find the future value of the ordinary annuity
Andrea
4.575 Answers
Given:
PMT = 900
0.04 = \frac{8\%}{2}
n = 13 \times 2 = 26
The future value of the annuity:
FV = 900 \cdot \frac{(1 + 0.04)^{26} - 1}{0.04}
FV=39880.57
The future value of the ordinary annuity is39880.57
The future value of the annuity:
The future value of the ordinary annuity is
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