5.14
Find the future values of these ordinary annuities. Compounding occurs once a year. Do not round intermediate calculations. Round your answers to the nearest cent.
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Future value of annuity=Annuity[(1+rate)^time period-1]/rate
a.Future value=300[(1.12)^16-1]/0.12
=300*42.75328042
=12825.98(Approx).
b.Future value=150[(1.06)^8-1]/0.06
=150*9.897467909
=$1484.62(Approx).
c.Future value=300*8
=2400
Future value of annuity due=Future value of annuity*(1+rate)
a.Future value=12825.98*1.12
=14365.10(Approx).
b.Future value=1484.62*1.06
=$1573.70(Approx).
c.Future value=300*8
=2400
5.14 Find the future values of these ordinary annuities. Compounding occurs once a year. Do not...
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