|
Amount of payment |
Payment payable |
Years | Interest rate |
Value of annuity |
|
| $12,200 | Semiannually | 7 | 8% | $ | |
Need value annuity=
|
Complete the following for the present value of an ordinary annuity. (Use Table13.2.) (Do not round intermediate calculations. Round your answer to the nearest cent.) |
Homework Answers
Now, in this question, let us first define the variables that are given to us.
Amount of annuity payment = $12,200 (semi-annual)
Number of Years = 7 Years => 7 * 2 = 14 (semi-annual periods)
Interest Rate = 8% (annual) => 8%/2 = 4% (semi-annual)
Future Valufe of Annuity = Amount of Annuity Payment * FVIFa
(FVIFa is Future Value of Annuity Factor - we will get this from table).
Now, as defined above number of periods = 14, rate of interest = 4% (because of semi-annual nature of annuity). So in the table above, we will look for the intersection value of this 14 period and 4% interest rate, which is 18.2919.
So Future value of Annuity = 12,200 * 18.2919 = $223,161.2
Add Answer to:
Amount of
payment
Payment
payable
Years
Interest
rate
Value of
annuity
$12,200
Semiannually
7
8%
$ ...
Complete the ordinary annuity. (Please use the following provided Table.) (Do not round intermediate calculations.) Amount...
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After paying off a car loan or credit card, don’t remove this
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After paying off a car loan or credit card, don’t remove this
amount from your budget. Instead, invest in your future by applying
some of it to your retirement account. How much would $380 invested
at the end of each quarter be worth in 12 years at 6% interest?
(Please use the following provided Table.) (Do not round
intermediate calculations. Round your answer to
the nearest cent.)
Amount of after 12 years :
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