Concept explainers
The value of annuity after amount of payment
Answer to Problem 1ECP
The value of annuity after
Explanation of Solution
Procedure used:
Calculating future value of an ordinary annuity by table lookup:
Calculation:
Calculate the number of periods and rate per period as follows.
The table factor at intersection of
Perform multiplication of table factor
Therefore, the value of annuity after
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