Future value of an annuity Using the values below, answer the questions that follow. (Click on...
Future value of an annuity Using the values below, answer the questions that follow. (Click on the icon located on the top-right corner of the data table below in order to copy its contents into a spreadsheet.)
|
Amount of annuity |
Interest rate |
Deposit period (years) |
|
|
$3,000 |
|
11% |
7 |
a. Calculate the future value of the annuity, assuming that it is
(1) An ordinary annuity.
(2) An annuity due.
b. Compare your findings in parts a(1) and a(2). All else being identical, which type of annuity long-ordinary or annuity due long dash is preferable as an investment? Explain why.
Homework Answers
Answer
a ) 1.an ordinary annuity = FV ( 11% , 7 , 3000) = 29349.82
2. an annuity due =FV ( 11%,7,3000,1 ) = 32578.30
B ) as investment annuity due is preferable as it has highest future value
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Future value of an annuity Using the values below, answer the
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