SOLUTION: Find the amount of an annuity that consists of 10 annual payments of $1000 each into an account that pays 6% interest per year
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Question 250014: Find the amount of an annuity that consists of 10 annual payments of $1000 each into an account that pays 6% interest per year
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
FV=P((1+i)^n-1)/i
FV=1000((1.06)^10-1)/.06
FV=1000((1.79)-1)/.06
FV=790/.06
FV=$13,166.67
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