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Find the future value for the annuity due with the given rate. Payments of $ 200 200 for 7 7 ...
Catracho
Catracho
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Find the future value for the annuity due with the given rate. Payments of $ 200 200 for 7 7 ...
Find the future value for the annuity due with given rate
payments of $200 for 7 years at 0.37% compounded quarterly
the future value of the annually due is $?
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bio_man
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2 months ago
Use the annuity formula:
\(A=\frac{R\left[\left(1+i\right)^n−1\right]}{i}\)
Where:
A=future value amount
R=regular deposit/payment
i=interest rate per compounding period
n=total number of deposits
R = $200
i = 0.37 / 100 / 4 (quarterly)
n = 7 * 4 (quarterly)
\(A=\frac{200\left[\left(1+0.000925\right)^{28}−1\right]}{0.000925}=5670.49\)
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