Homework Answers
4). FV of Annuity = Annual Payment * [{(1 + r)n - 1} / r]
= $1,000 * [{(1 + 0.08)10 - 1} / 0.08]
= $1,000 * [1.1589 / 0.08]
= $1,000 * 14.4866
= $14,486.56
So, 1st option is correct.
5). FV of Annuity = Monthly Payment * [{(1 + r)n - 1} / r]
= $100 * [{(1 + 0.007)60 - 1} / 0.007]
= $100 * [0.5197 / 0.007]
= $100 * 74.2480
= $7,424.80
So, 4th option is correct.
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