Homework Answers
Ans $ 3883.60
| P = | Periodic payments |
| r = | rate of interest |
| n = | no of years |
| Future Value of Annuity = | P ( (1 + r)^n - 1 ) / r |
| 17500 = | P* ((1 + 8%)^4 - 1) / (8%) |
| 17500 = | 4.506112 * P |
| P = | 17500 / 4.506112 |
| P = | 3883.60 |
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