Question

Find the amount (future value) of the ordinary annuity. (Round your answer to the nearest cent.)

$1600/semiannual period for 9 years at 3.5%/year compounded semiannually

Step 1

It is given that $1600/semiannual for 9 years at 3.5% per year is compounded semiannually.

The formula for calculating the future value is

Step 2

Future value is calcula...

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