Question

The following table describes the characteristics of five annuities: E. Calculate the future value of each annuity given its characteristics. The future value, FV, on the annuity at the end of the deposit period for Deposit A is $ . (Round to the nearest cent.) i Data Table 4% Annual Annuity Interest Annuity Deposit Payment Rate Length (yr) $2,200 $800 6% $1,300 8% $12,400 9% $4,100 15% (Click on the icon located on the top-right corner of the data table below in order to copy its contents into a spreadsheet.) mo

Answer 1

Present value 1 Deposit Annual annuity payment interest rate Annuity length(yr) Formula:fv(rate,nper,pmt,pv) 2 A $2,200 4% 12 $33,057 =FV(C2,D2,-B2,0) 3 B $800 6% 9 $9,193=FV(C3,D3,-B3,0) 4 C $1,300 8% $4,220=FV(C4,D4,-B4,0) 5 D $12,400 9% $1,88,392=FV(C5,D5,-B5,0) 6 E $4,100 15% 261 $10,07,419 =FV(C6,D6,-B6,0) 10

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