Find the future value of an ordinary annuity if payments are made in the amount R and interest is compounded as given
Find the future value of an ordinary annuity if payments are made in the amount R and interest is compounded as given Then determine how much of this value is from contributions and how much is from interest
R=9,400,9% interest compounded semiannually for 7 years
The future value of the ordinary annuity is $_______ (Round to the nearest cent as needed)
Homework Answers
Future value is calculated using the FV function:-
=FV(rate,nper,pmt)
=FV(9%/2,7*2,-9400)
=177961.83
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