Homework Answers
a.Future value of annuity=Annuity[(1+rate)^time period-1]/rate
=25000[(1.114)^7-1]/0.114
=25000*9.90439783
=$247609.95(Approx)
b.Future value of annuity=Annuity[(1+rate)^time period-1]/rate
5000=Annuity[(1.103)^3-1]/0.103
5000=Annuity*3.319609
Annuity=5000/3.319609
=$1506.20(Approx)
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