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0/0.6 pts to all little booln dol ontos due sove What is the future value of $1,000 a year for five years at a 6% rate of int
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Answer #1

This is caluculation of future value of annuity

Formulae for future value of annuity is

=. P((1+r)^n -1)/r

Where p is periodic payment which is 1000

R is rate of interest which is 6%

N is no of periods which is 5

So future value is = 1000((1.06)^5 -1)0.6= 5637.09

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