Homework Answers
Above case is case of ordinary annuity
Annual Deposit amount (PMT) = $20,000
No of annual payments in deposit (N) = 8
Interest rate in Deposit (I) = 12% p.a.
Value of Deposit at the end of 8 years (FV) = ?
Using financial calculator or FV function in excel,
Value of Deposit at the end of 8 years (FV) = $245,993.86
Thumbs up please if satisfied. Thanks :)
Comment if further doubts in above.
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