What is the future value of $400 invested each year for 15 years at a rate of 6%?
$959
$6,000
$9,310
$12,310
$14,959
Ans $ 9310
| P = | Periodic payments |
| r = | rate of interest |
| n = | no of years |
| Future Value of Annuity = | P ( (1 + r)n - 1 ) / r |
| 400* ((1 + 6%)^15 - 1) / (6%) | |
| 9310 |
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