Homework Answers
Ans $ 279.59
| P = | Periodic payments |
| r = | rate of interest |
| n = | no of years |
| Future Value of Annuity = | P ( (1 + r)n - 1 ) / r |
| 2000 = | P* ((1 + 7%)^6 - 1) / (7%) |
| 2000 = | 7.1532907407 * P |
| P = | 2000 / 7.1532907407 |
| P = | 279.59 |
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