what is the future value of a $980 annuity payment over six years if interest rates are 10 percent?
future value of annuity = P [(1+r)^n-1]/r
here,
P=980.
r=10%=>0.10
n = 6
future value of annuity = 980[(1.10)^6-1]/0.10
=>980*[0.771561]/0.10
=>980*7.71561
=>$7,561.30.
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