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​(Future value of an ordinary​ annuity) What is the future value of ​$480 per year for...

​(Future value of an ordinary​ annuity) What is the future value of ​$480 per year for 8 The future value of

​$480

per year for

8

years compounded annually at

11

percent is

​$nothing.

​(Round to the nearest​ cent.)

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Homework Answers

Answer #1

- Periodic Annual Deposit at the end of each year = $480

Calculating the Future Value at the end of 8 years:-

Where, C= Periodic Payments = $480

r = Periodic Interest rate = 11%

n= no of periods = 8

Future Value = $5,692.53

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