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Calculate the future value of an ordinary annuity consisting of monthly payments of $500 for five years. The rate of return was 10.2% compounded monthly for the first two years, and will be 8.1% compounded monthly for the last three years. (Do not round intermediate calculations and round your final answer to 2 decimal places.)

Calculate the future value of an ordinary annuity consisting of monthly payments of $500 for five years. The rate of return was 10.2% compounded monthly for the first two years, and will be 8.1% compounded monthly for the last three years. (Do not round intermediate calculations and round your final answer to 2 decimal places.)

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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Calculate the future value of an ordinary annuity consisting of monthly payments of $500 for five years. The rate of return was 10.2% compounded monthly for the first two years, and will be 8.1% compounded monthly for the last three years. (Do not round intermediate calculations and round your final answer to 2 decimal places.)
Transcribed Image Text:Calculate the future value of an ordinary annuity consisting of monthly payments of $500 for five years. The rate of return was 10.2% compounded monthly for the first two years, and will be 8.1% compounded monthly for the last three years. (Do not round intermediate calculations and round your final answer to 2 decimal places.)
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