Find the future value of an ordinary annuity if payments are made in the amount R and interest is compounded as given. Then determine how much of this value is from contributions and how much is from interest. R=700; 6.2% interest compounded semiannually for 12 years. The future value of the ordinary annuity is $ (Round to the nearest cent as needed.) ...
Find the future value of an ordinary annuity if payments are made in the amount R and interest is compounded as given. Then determine how much of this value is from contributions and how much is from interest. R=700; 6.2% interest compounded semiannually for 12 years. The future value of the ordinary annuity is $ (Round to the nearest cent as needed.) ...
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Hey! Need help with the following problem, it states to round to the nearest cent as needed, thank you!
Transcribed Image Text:Find the future value of an ordinary annuity if payments are made in the amount R and interest is compounded as given. Then determine how much of this value is from contributions and how much
is from interest.
R = 700; 6.2% interest compounded semiannually for 12 years.
The future value of the ordinary annuity is $
(Round to the nearest cent as needed.)
C
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