Calculate the future value of an ordinary annuity where $360 is deposited and compounded biweekly at 5.2% for a duration of 35 years.
rate positively ..
Given that- | |||||
Annuity = | $360 | ||||
Frequency = | bi-weekly | ||||
Bi week in a year = | 104 | ||||
Interest rate | 5.2%/104 | 0.05000% | |||
we have to use financial calcualtor to solve the future value | |||||
put in calculator - | |||||
PV | 0 | ||||
PMT | ($360) | ||||
I | 0.05000% | ||||
N | 35*104 | 3640 | |||
Compute FV | $3,721,717.32 | ||||
ans = | $3,721,717.32 |
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