An annuity pays $ 54 per year for 20 years. What is the future value (FV) of this annuity at the end of those 20 years, given that the discount rate is 5%?
Ans $ 1785.56
P = | Periodic payments |
r = | rate of interest |
n = | no of years |
Future Value of Annuity = | P ( (1 + r)n - 1 ) / r |
54* ((1 + 5%)^20 - 1) / (5%) | |
1785.56 | |
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