What is the future value of 22 periodic payments of $5,920 each made at the beginning of each period and compounded at 8%?
Ans:
Installment Amount =$5920
Interest rate(i)=8% or 0.08
N=22 periods
Future Value of investment = installment amount *(1+i)^n
=5920 *(1+0.08)^22
=5920*(1.08)^22
=354568.21(aporox)
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