19. In the following ordinary annuity, the interest is compounded with each payment, and the payment...
19. In the following ordinary annuity, the interest is compounded with each payment, and the payment is made at the end of the compounding period. Find the accumulated amount of the annuity. (Round your answer to the nearest cent.) $2500 annually at 5% for 10 years.
Homework Answers
Future value of annuity=Annuity[(1+rate)^time period-1]/rate
=$2500[(1.05)^10-1]/0.05
=$2500*12.57789254
which is equal to
=$31,444.73(Approx).
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19. In the following ordinary annuity, the interest is
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