P6-1 (similar to) (Future value of an ordinary annuity) What is the future value of $500...

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Answer 1

Answer #1

Future value of annuity=Annuity[(1+rate)^time period-1]/rate

=500[(1.1)^10-1]/0.1

=500*15.9374246

=$7968.71(Approx).

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Answer 2

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