SOLUTION: Find the future value of the following ordinary annuities. Payments are made and interest is compounded as given. R=8000, 8% interest compounded annually for 10 years. What is the

Algebra ->  Finance -> SOLUTION: Find the future value of the following ordinary annuities. Payments are made and interest is compounded as given. R=8000, 8% interest compounded annually for 10 years. What is the      Log On


   

Question 1118273: Find the future value of the following ordinary annuities. Payments are made and interest is compounded as given. R=8000, 8% interest compounded annually for 10 years. What is the future value of the ordinary annunity
Answer by ikleyn(52798) About Me  (Show Source):
You can put this solution on YOUR website!
.
Future value in this case 


FV = 8000%2A%28%28%281%2B0.08%29%5E10-1%29%2F0.08%29%29 = 115892.50.

On ordinary annuity, read the lesson
    - Ordinary Annuity saving plans and geometric progressions
in this site.