Find the future value of the given annuity. (Round your answer to the nearest cent.) ordinary...

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Question

Find the future value of the given annuity. (Round your answer to the nearest cent.) ordinary...

Find the future value of the given annuity. (Round your answer to the nearest cent.)

ordinary annuity, $130 monthly payment,5 3/4

% interest, one year

I would like the answer without using excel please.

business finance

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Answer 1

Answer #1

Monthly payment = $130
Annual interest rate = 5.75%
Monthly interest rate = 0.4792%
Number of payments = 12

Future value = $130*1.004792^11 + $130*1.004792^10 + .... + $130*1.004792 + $130
Future value = $130 * (1.004792^12 - 1) / 0.004792
Future value = $130 * 12.3213788
Future value = $1,601.78

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Answer 2

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