Question 1088306: Find the future value of an annuity of $1100 paid at the end of each year for 15 years, if interest is earned at a rate of 6%, compounded annually. (Round your answer to the nearest cent.)
my answer was wrong... $27,139.78
Found 2 solutions by Fombitz, MathTherapy:
Answer by Fombitz(32388)   (Show Source):
Answer by MathTherapy(10551)  (Show Source):
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Find the future value of an annuity of $1100 paid at the end of each year for 15 years, if interest is earned at a rate of 6%, compounded annually. (Round your answer to the nearest cent.)
my answer was wrong... $27,139.78
Good try!!
What you calculated was an ANNUITY DUE, or an annuity for which payments are made at the BEGINNING of the year.
You actually want the future value, based on payments at the END of the year, as mentioned.
The correct answer is:  .
IGNORE the other person who responded and who got a number even larger than yours.
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