Calculate the future value of an ordinary annuity where $360 is deposited and compounded biweekly at...

Question

Question

Calculate the future value of an ordinary annuity where $360 is deposited and compounded biweekly at 5.2% for a duration of 35 years.

business finance

Answer 1

Answer #1

rate positively ..

Given that-
Annuity =	$360

Frequency =	bi-weekly
Bi week in a year =	104
Interest rate	5.2%/104	0.05000%


we have to use financial calcualtor to solve the future value
put in calculator -

PV		0
PMT		($360)
I		0.05000%
N	35*104	3640

Compute FV		$3,721,717.32

ans =		$3,721,717.32

Answer 2

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