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;15,000; 4.5 % interest compounded quarterly for 12 years.
Future Value of an Ordinary Annuity | |
= C*[(1+i)^n-1]/i | |
Where, | |
C= Cash Flow per period | |
i = interest rate per period | |
n=number of period | |
= $15000[ (1+0.04576509)^12 -1] /0.04576509 | |
= $15000[ (1.04576509)^12 -1] /0.04576509 | |
= $15000[ (1.7108 -1] /0.04576509] | |
= $2,32,985.82 |
Note: It is assume that payments are made annually.
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