Question

PMT= $900, 8% interest compounded semiannually for 13 years. Find the future value of the ordinary annuity

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Andrea

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59 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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