Find the future value of an ordinary annuity of $2,000 paid quarterly for 2 years, if the interest rate is 8%, compounded quarterly. (Round your answer to the nearest cent.) $
Find the future value of an ordinary annuity of $2,000 paid quarterly for 2 years, if the interest rate is 8%, compounded quarterly. (Round your answer to the nearest cent.) $
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications
Section: Chapter Questions
Problem 20E
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Step 1
A theory that helps to compute the present or future value of the cash flows is term as the TVM (time value of money).
Step 2
Computation of the future value of an ordinary annuity:
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