CFIN (with Online, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)
5th Edition
ISBN: 9781305661653
Author: Scott Besley, Eugene Brigham
Publisher: Cengage Learning
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Chapter 4, Problem 9PROB
Summary Introduction
The annual payment is $385 for the next eight years at 7% compounded annually.
Future value of an annuity due is the total future value of a series of periodic payments made at the beginning of each year at a given interest rate for a specified period.
Here,
The future value annuity is “
The periodic payments are “P”.
The interest rate is “r”.
The maturity period of time period is “n”.
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