What is the future value of 16 deposits of $2,160 each made at the beginning of each period and compounded at 10%? (Future value as of the end of the 16th period.)
Future value of annuity due=(1+rate)*Annuity[(1+rate)^time period-1]/rate
=1.1*2160*[(1.1)^16-1]/0.1
=2160*39.5447029
which is equal to
=$85416.56(Approx)
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