Find the future value for the ordinary annuity with the given paPMT = $1,600; 1.35% compounded monthly for 6 years.%3D0.0135Substitute the values PMT = 1,600, i=12and n= 72 intoresult.FV = PMT(1 + i)" –0.0135 ) 721+-112= 1,6000.013512SimplifEnter your answer in the answer box and then click Check ArOlear Al1 partremaininganswshowinghp

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Find the future value for the ordinary annuity with the PMT = $1,600; 1.35% compounded monthly for 6 %3D 0.0135 and n= Substitute the values PMT = 1,600, i= 12

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications

Section: Chapter Questions

Problem 20E

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Question

Find the future value for the ordinary annuity with the given pa
PMT = $1,600; 1.35% compounded monthly for 6 years.
%3D
0.0135
Substitute the values PMT = 1,600, i=
12
and n= 72 into
result.
FV = PMT
(1 + i)" –
0.0135 ) 72
1+
-1
12
= 1,600
0.0135
12
Simplif
Enter your answer in the answer box and then click Check Ar
Olear Al
1 part
remaining
answ
showing
hp

Expert Solution

Step 1 Introduction

In order to find the future value be can use this formula as provided or can use excel. Future value is the value one will receive in future.

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