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.
$400 per year for 14 years at 4%.
$200 per year for 7 years at 2%.
$1,000 per year for 7 years at 0%.
Rework parts a, b, and c assuming they are annuities due. Future value of
$400 per year for 14 years at 4%:
Future value of $200 per year for 7 years at 2%:
Future value of $1,000 per year for 7 years at 0%:
Future value of annuity=Annuity[(1+rate)^time period-1]/rate
1.Future value=400[(1.04)^14-1]/0.04
=400*18.29191119
=$7316.76(Approx).
2.Future value=200[(1.02)^7-1]/0.02
=200*7.434283382
=$1486.86(Approx).
3.Future value=1000*7
=$7,000
Future value of annuity due=Future value of annuity*(1+rate)
1.Future value=7316.76*1.04
=$7609.44(Approx).
2.Future value=1486.86*1.02
=$1516.59(Approx).
3.Future value=1000*7
=$7,000
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