SOLUTION: What is the future value of an annuity that has payments of $650 a year for 7 years compounded annually at 4%.
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Question 854147: What is the future value of an annuity that has payments of $650 a year for 7 years compounded annually at 4%.
Answer by harpazo(655) (Show Source): You can put this solution on YOUR website!
Annually = P × (1 + r) = (annual compounding)
A = 650*(1+0.04)
A = $676 per year.
For seven years, multiply 676 by 7.
Answer: $4732
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