Find the future value and total interest of the annuity. (Round to the nearest cent as needed.) Annuity type Periodic payment Annual interest rate Payment paid Years Ordinary annuity $2,100 6% Quarterly 3
Find the future value and total interest of the annuity. (Round to the nearest cent as needed.) Annuity type Periodic payment Annual interest rate Payment paid Years Ordinary annuity $2,100 6% Quarterly 3
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Find the future value and total interest of the annuity. (Round to the nearest cent as needed.)
|
Annuity type
|
Periodic payment
|
Annual interest rate
|
Payment paid
|
Years
|
|---|---|---|---|---|
|
Ordinary annuity
|
$2,100
|
6%
|
Quarterly
|
3
|
Future Value of $1.00 Ordinary Annuity
|
Rate per period
|
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|
Periods
|
0.25%
|
0.50%
|
0.75%
|
1.00%
|
1.50%
|
2.00%
|
2.50%
|
3.00%
|
3.50%
|
4.00%
|
|
1
|
1.000
|
1.000
|
1.000
|
1.000
|
1.000
|
1.000
|
1.000
|
1.000
|
1.000
|
1.000
|
|
2
|
2.002
|
2.005
|
2.008
|
2.010
|
2.015
|
2.020
|
2.025
|
2.030
|
2.035
|
2.040
|
|
3
|
3.008
|
3.015
|
3.023
|
3.030
|
3.045
|
3.060
|
3.076
|
3.091
|
3.106
|
3.122
|
|
4
|
4.015
|
4.030
|
4.045
|
4.060
|
4.091
|
4.122
|
4.153
|
4.184
|
4.215
|
4.246
|
|
5
|
5.025
|
5.050
|
5.076
|
5.101
|
5.152
|
5.204
|
5.256
|
5.309
|
5.362
|
5.416
|
|
6
|
6.038
|
6.076
|
6.114
|
6.152
|
6.230
|
6.308
|
6.388
|
6.468
|
6.55
|
6.633
|
|
7
|
7.053
|
7.106
|
7.159
|
7.214
|
7.323
|
7.434
|
7.547
|
7.662
|
7.779
|
7.898
|
|
8
|
8.070
|
8.141
|
8.213
|
8.286
|
8.433
|
8.583
|
8.736
|
8.892
|
9.052
|
9.214
|
|
9
|
9.091
|
9.182
|
9.275
|
9.369
|
9.559
|
9.755
|
9.955
|
10.159
|
10.368
|
10.583
|
|
10
|
10.113
|
10.228
|
10.344
|
10.462
|
10.703
|
10.950
|
11.203
|
11.464
|
11.731
|
12.006
|
|
11
|
11.139
|
11.279
|
11.422
|
11.567
|
11.863
|
12.169
|
12.483
|
12.808
|
13.142
|
13.486
|
|
12
|
12.166
|
12.336
|
12.508
|
12.683
|
13.041
|
13.412
|
13.796
|
14.192
|
14.602
|
15.026
|
|
13
|
13.197
|
13.397
|
13.601
|
13.809
|
14.237
|
14.680
|
15.140
|
15.618
|
16.113
|
16.627
|
|
14
|
14.230
|
14.464
|
14.703
|
14.947
|
15.450
|
15.974
|
16.519
|
17.086
|
17.677
|
18.292
|
|
15
|
15.265
|
15.537
|
15.814
|
16.097
|
16.682
|
17.293
|
17.932
|
18.599
|
19.296
|
20.024
|
|
16
|
16.304
|
16.614
|
16.932
|
17.258
|
17.932
|
18.639
|
19.380
|
20.157
|
20.971
|
21.825
|
|
17
|
17.344
|
17.697
|
18.059
|
18.430
|
19.201
|
20.012
|
20.865
|
21.762
|
22.705
|
23.698
|
|
18
|
18.388
|
18.786
|
19.195
|
19.615
|
20.489
|
21.412
|
22.386
|
23.414
|
24.500
|
25.645
|
|
19
|
19.434
|
19.880
|
20.339
|
20.811
|
21.797
|
22.841
|
23.946
|
25.117
|
26.357
|
27.671
|
|
20
|
20.482
|
20.979
|
21.491
|
22.019
|
23.124
|
24.297
|
25.545
|
26.870
|
28.280
|
29.778
|
|
21
|
21.533
|
22.084
|
22.652
|
23.239
|
24.471
|
25.783
|
27.183
|
28.676
|
30.269
|
31.969
|
|
22
|
22.587
|
23.194
|
23.822
|
24.472
|
25.838
|
27.299
|
28.863
|
30.537
|
32.329
|
34.248
|
|
23
|
23.644
|
24.310
|
25.001
|
25.716
|
27.225
|
28.845
|
30.584
|
32.453
|
34.460
|
36.618
|
|
24
|
24.703
|
25.432
|
26.188
|
26.973
|
28.634
|
30.422
|
32.349
|
34.426
|
36.667
|
39.083
|
|
25
|
25.765
|
26.559
|
27.385
|
28.243
|
30.063
|
32.03
|
34.158
|
36.459
|
38.950
|
41.646
|
|
26
|
26.829
|
27.692
|
28.590
|
29.526
|
31.514
|
33.671
|
36.012
|
38.553
|
41.313
|
44.312
|
|
27
|
27.896
|
28.830
|
29.805
|
30.821
|
32.987
|
35.344
|
37.912
|
40.710
|
43.759
|
47.084
|
|
28
|
28.966
|
29.975
|
31.028
|
32.129
|
34.481
|
37.051
|
39.860
|
42.931
|
46.291
|
49.968
|
|
29
|
30.038
|
31.124
|
32.261
|
33.450
|
35.999
|
38.792
|
41.856
|
45.219
|
48.911
|
52.966
|
|
30
|
31.113
|
32.280
|
33.503
|
34.785
|
37.539
|
40.568
|
43.903
|
47.575
|
51.623
|
56.085
|
|
35
|
36.529
|
38.145
|
39.854
|
41.66
|
45.592
|
49.994
|
54.928
|
60.462
|
66.674
|
73.652
|
|
40
|
42.013
|
44.159
|
46.446
|
48.886
|
54.268
|
60.402
|
67.403
|
75.401
|
84.550
|
95.026
|
|
45
|
47.566
|
50.324
|
53.290
|
56.481
|
63.614
|
71.893
|
81.516
|
92.720
|
105.782
|
121.029
|
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