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Find the future value of an annuity due with an annual payment of $14,000 for three years at 3% annual interest using the simple interest formula. How much was invested? How much interest was earned? What is the future value of the annuity? $ 44,570.78 (Round to the nearest cent as needed.) How much was invested? $ 42000 How much interest was earned? $ 2,570.78 (Round to the nearest cent as needed.) CIT

Find the future value of an annuity due with an annual payment of $14,000 for three years at 3% annual interest using the simple interest formula. How much was invested? How much interest was earned? What is the future value of the annuity? $ 44,570.78 (Round to the nearest cent as needed.) How much was invested? $ 42000 How much interest was earned? $ 2,570.78 (Round to the nearest cent as needed.) CIT

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
Problem 1PS
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Find the future value of an annuity due of $1,000 semiannually for four years at 7% annual interest compounded semiannually. What is the total investment? What is the interest? Click the icon to view the Future Value of $1.00 Ordinary Annuity table. The future value is $ 9,368.82 (Round to the nearest cent as needed.) The total investment was $ 8000 and the earned interest was $ 1,368.82. (Round to the nearest cent as needed.)
Transcribed Image Text:Find the future value of an annuity due of $1,000 semiannually for four years at 7% annual interest compounded semiannually. What is the total investment? What is the interest? Click the icon to view the Future Value of $1.00 Ordinary Annuity table. The future value is $ 9,368.82 (Round to the nearest cent as needed.) The total investment was $ 8000 and the earned interest was $ 1,368.82. (Round to the nearest cent as needed.)
Find the future value of an annuity due with an annual payment of $14,000 for three years at 3% annual interest using the simple interest formula. How much was invested? How much interest was earned? What is the future value of the annuity? $ 44,570.78 (Round to the nearest cent as needed.) How much was invested? $ 42000 How much interest was earned? $2.570.78 (Round to the nearest cent as needed.)
Transcribed Image Text:Find the future value of an annuity due with an annual payment of $14,000 for three years at 3% annual interest using the simple interest formula. How much was invested? How much interest was earned? What is the future value of the annuity? $ 44,570.78 (Round to the nearest cent as needed.) How much was invested? $ 42000 How much interest was earned? $2.570.78 (Round to the nearest cent as needed.)
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