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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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Distinguish between the future value of $1 and the future value of an ordinary annuity of $1.

To determine

Explain the difference between the future value of $1 and the future value of an ordinary annuity of $1.

Explanation

Future Value: The future value is value of present amount compounded at an interest rate until a particular future date.

Future Value of a single sum: The future value is value of single present amount (single sum) compounded at an interest rate until a particular future date.

 Annuity: An annuity is referred as a sequence of payment of fixed amount of cash flows that occurs over the equal intervals of time...

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