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.
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Question 57078: 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.
Pleass show answer as a time line!!!
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.
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I don't know what your timeline might look like but this is
what the "future value" formula says.
S=R[(i+1)^n-1]/i
S=300[(0.07+1)^5 -1]/0.07
S=300{0.40}/0/0.07
S=$1714.29
Cheers,
Stan H.
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