Determine the amount of the ordinary annuity at the end of the given period. (Round your final answer to two decimal places.)
$700 deposited semiannually at 6.2% for 8 years
Calculating the Future Value of Ordinary annuity at the end of period:-
Where, C= Periodic Payments = $700
r = Periodic Interest rate = 6.2%/2 = 3.1%
n= no of periods = 8years*2 =16
Future Value = $14,221.66
If you need any clarification, you can ask in comments.
If you like my answer, then please up-vote as it will be motivating
Determine the amount of the ordinary annuity at the end of the given period. (Round your...
1- In the following ordinary annuity, the interest is compounded with each payment, and the payment is made at the end of the compounding period. Find the amount of time needed for the sinking fund to reach the given accumulated amount. (Round your answer to two decimal places.) $275 monthly at 5.6% to accumulate $25,000. _________yr 2- Determine the amount due on the compound interest loan. (Round your answers to the nearest cent.) $18,000 at 3% for 15 years if...
1- In the following ordinary annuity, the interest is compounded with each payment, and the payment is made at the end of the compounding period. Find the amount of time needed for the sinking fund to reach the given accumulated amount. (Round your answer to two decimal places.) $275 monthly at 5.6% to accumulate $25,000. _________yr 2- Determine the amount due on the compound interest loan. (Round your answers to the nearest cent.) $18,000 at 3% for 15 years if...
Find the amount (future value) of the ordinary annuity. (Round your answer to the nearest cent.) $1400/semiannual period for 8 yr at 9%/year compounded semiannually Find the amount (future value) of the ordinary annuity. (Round your answer to the nearest cent.) $100/month for 14 yr at 15%/year compounded monthly
Find the amount (future value) of the ordinary annuity. (Round your answer to the nearest cent.) $1500/semiannual period for 9 years at 4.5%/year compounded semiannually
Find the amount (future value) of the ordinary annuity. (Round your answer to the nearest cent.) $1500/semiannual period for 9 yr at 6%/year compounded semiannually Find the amount (future value) of the ordinary annuity. (Round your answer to the nearest cent.) $130/month for 15 yr at 11%/year compounded monthly
Annuity payments are assumed to come at the end of each payment period (termed an ordinary annuity). However, an exception oocurs when the annuity payments come at the beginning of each period (termed an annuity due). What is the future value of a 10-year annuity of $10,000 per period where payments come at the beginning of each period? The interest rate is 8 percent. Use Appendix C for an approximate answer, but calculate your final answer using the formula and...
In the following ordinary annuity, the interest is compounded with each payment, and the payment is made at the end of the compounding period. Find the amount of time needed for the sinking fund to reach the given accumulated amount. (Round your answer to two decimal places.) $5500 yearly at 8% to accumulate $100,000.
1.In the following ordinary annuity, the interest is compounded with each payment, and the payment is made at the end of the compounding period. Find the amount of time needed in years for the sinking fund to reach the given accumulated amount. (Round your answer to two decimal places.) $4500 yearly at 7% to accumulate $100,000. 2.In the following ordinary annuity, the interest is compounded with each payment, and the payment is made at the end of the compounding period....
In the following ordinary annuity, the interest is compounded with each payment, and the payment is made at the end of the compounding period. Find the amount of time needed for the sinking fund to reach the given accumulated amount. (Round your answer to two decimal places.) $3500 yearly at 8% to accumulate $100,000 Please elaborate on the steps. I've completed the question following samples and my textbook and keep getting it wrong
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; 700 6.35% interest compounded semiannually for 9 years.