SOLUTION: What is the future value of a 5 year annuity due that promises to pay you $300 each year? The rate of interest is 7 percent.
Algebra.Com
Question 54692: What is the future value of a 5 year annuity due that promises to pay you $300 each year? The rate of interest is 7 percent.
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
What is the future value of a 5 year annuity due that promises to pay you $300 each year? The rate of interest is 7 percent.
--------------
Formula:
S=R[(1+i)^n -1]/i
S=300[(1+0.07)^5 -1]/0.07
S=(300/0.07)[1.07^5 -1]
S=4285.71[0.40 ]
S=$1714.29
Cheers,
Stan H.
RELATED QUESTIONS
What is the future value of a 5-year annuity due that promises to pay you $300 each year? (answered by stanbon)
What is the future value of a 5 year annuity due that promises to pay you $300 each year? (answered by stanbon)
I can not get the answer to this question. I know that Input is N = 5; I = 7; PMT = -300; (answered by stanbon)
What is the furture value of a 5-year annuity due that promises to pay you $300 each... (answered by stanbon)
What is the future value of a 7%, 5-year ordinary annuity that pays $300 each year?
If... (answered by Theo)
What is the future value of a 5 year annunity due that promiese to pay you $300 each... (answered by stanbon)
What is the future value (as of 10 years from now) of an annuity that makes 10 annual... (answered by ikleyn)
A person pays $100,000 for an investment that promises to pay $15,000 per year at the end (answered by jim_thompson5910)
What is the future value of an annuity that has payments of $650 a year for 7 years... (answered by harpazo)