SOLUTION: Please help me with this problem:
Find the future value of the ordinary annuity. Interest is compounded annually, unless otherwise indicated.
R = $100, i = 0.03, n = 15
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Find the future value of the ordinary annuity. Interest is compounded annually, unless otherwise indicated.
R = $100, i = 0.03, n = 15
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Question 204085: Please help me with this problem:
Find the future value of the ordinary annuity. Interest is compounded annually, unless otherwise indicated.
R = $100, i = 0.03, n = 15 Answer by feliz1965(151) (Show Source):
You can put this solution on YOUR website! We need the formula:
A = P(1 + r/n)^(nt)
Let R = P
Let i = r
Let n = 15
Let t = 1 year
We are looking for A.
A = 100(1 + 0.03/15)^(15)(1 year)
A = $103.04
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