What is the future value of $2,350 per year for 11 years at an interest rate...

Question

Question

What is the future value of $2,350 per year for 11 years at an interest rate of 6.51 percent?

business finance

Answer 1

Answer #1

Future value = Annuity * [(1 + r)ⁿ - 1] / r

Future value = 2,350 * [(1 + 0.0651)¹¹ - 1] / 0.0651

Future value = 2,350 * [2.001217 - 1] / 0.0651

Future value = 2,350 * 15.379681

Future value = $36,142.25

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Answer 2

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