Find the future value of an ordinary annuity of $8,000 semiannually for eight years at 7% annual interest compounded semiannually. How much was invested? How much interest was earned? Use the table below. (Round to the nearest cent as needed.) Future Value of $1.00 Ordinary Annuity Rate per period Periods 3.00% 3.50% 4.00% 4.50% 5.00% 5.50% 6.00% 6.50% 7.00% 1 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 2 2.030 2.035 2.040 2.045 2.050 2.055 2.060 2.065 2.070 3 3.091 3.106 3.122 3.137 3.153 3.168 3.184 3.199 3.215 4 4.184 4.215 4.246 4.278 4.310 4.342 4.375 4.407 4.440 5 5.309 5.362 5.416 5.471 5.526 5.581 5.637 5.694 5.751 6 6.468 6.550 6.633 6.717 6.802 6.888 6.975 7.064 7.
Find the future value of an ordinary annuity of $8,000 semiannually for eight years at 7% annual interest compounded semiannually. How much was invested? How much interest was earned? Use the table below. (Round to the nearest cent as needed.) Future Value of $1.00 Ordinary Annuity Rate per period Periods 3.00% 3.50% 4.00% 4.50% 5.00% 5.50% 6.00% 6.50% 7.00% 1 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 2 2.030 2.035 2.040 2.045 2.050 2.055 2.060 2.065 2.070 3 3.091 3.106 3.122 3.137 3.153 3.168 3.184 3.199 3.215 4 4.184 4.215 4.246 4.278 4.310 4.342 4.375 4.407 4.440 5 5.309 5.362 5.416 5.471 5.526 5.581 5.637 5.694 5.751 6 6.468 6.550 6.633 6.717 6.802 6.888 6.975 7.064 7.
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
Related questions
Question
Find the
Future Value of $1.00 Ordinary Annuity
|
Rate per period
|
|||||||||
|---|---|---|---|---|---|---|---|---|---|
|
Periods
|
3.00%
|
3.50%
|
4.00%
|
4.50%
|
5.00%
|
5.50%
|
6.00%
|
6.50%
|
7.00%
|
|
1
|
1.000
|
1.000
|
1.000
|
1.000
|
1.000
|
1.000
|
1.000
|
1.000
|
1.000
|
|
2
|
2.030
|
2.035
|
2.040
|
2.045
|
2.050
|
2.055
|
2.060
|
2.065
|
2.070
|
|
3
|
3.091
|
3.106
|
3.122
|
3.137
|
3.153
|
3.168
|
3.184
|
3.199
|
3.215
|
|
4
|
4.184
|
4.215
|
4.246
|
4.278
|
4.310
|
4.342
|
4.375
|
4.407
|
4.440
|
|
5
|
5.309
|
5.362
|
5.416
|
5.471
|
5.526
|
5.581
|
5.637
|
5.694
|
5.751
|
|
6
|
6.468
|
6.550
|
6.633
|
6.717
|
6.802
|
6.888
|
6.975
|
7.064
|
7.153
|
|
7
|
7.662
|
7.779
|
7.898
|
8.019
|
8.142
|
8.267
|
8.394
|
8.523
|
8.654
|
|
8
|
8.892
|
9.052
|
9.214
|
9.380
|
9.549
|
9.722
|
9.897
|
10.077
|
10.260
|
|
9
|
10.159
|
10.368
|
10.583
|
10.802
|
11.027
|
11.256
|
11.491
|
11.732
|
11.978
|
|
10
|
11.464
|
11.731
|
12.006
|
12.288
|
12.578
|
12.875
|
13.181
|
13.494
|
13.816
|
|
11
|
12.808
|
13.142
|
13.486
|
13.841
|
14.207
|
14.583
|
14.972
|
15.372
|
15.784
|
|
12
|
14.192
|
14.602
|
15.026
|
15.464
|
15.917
|
16.386
|
16.870
|
17.371
|
17.888
|
|
13
|
15.618
|
16.113
|
16.627
|
17.160
|
17.713
|
18.287
|
18.882
|
19.500
|
20.141
|
|
14
|
17.086
|
17.677
|
18.292
|
18.932
|
19.599
|
20.293
|
21.015
|
21.767
|
22.550
|
|
15
|
18.599
|
19.296
|
20.024
|
20.784
|
21.579
|
22.409
|
23.276
|
24.182
|
25.129
|
|
16
|
20.157
|
20.971
|
21.825
|
22.719
|
23.657
|
24.641
|
25.673
|
26.754
|
27.888
|
|
17
|
21.762
|
22.705
|
23.698
|
24.742
|
25.840
|
26.996
|
28.213
|
29.493
|
30.840
|
|
18
|
23.414
|
24.500
|
25.645
|
26.855
|
28.132
|
29.481
|
30.906
|
32.410
|
33.999
|
|
19
|
25.117
|
26.357
|
27.671
|
29.064
|
30.539
|
32.103
|
33.760
|
35.517
|
37.379
|
|
20
|
26.870
|
28.280
|
29.778
|
31.371
|
33.066
|
34.868
|
36.786
|
38.825
|
40.995
|
|
21
|
28.676
|
30.269
|
31.969
|
33.783
|
35.719
|
37.786
|
39.993
|
42.349
|
44.865
|
|
22
|
30.537
|
32.329
|
34.248
|
36.303
|
38.505
|
40.864
|
43.392
|
46.102
|
49.006
|
|
23
|
32.453
|
34.460
|
36.618
|
38.937
|
41.430
|
44.112
|
46.996
|
50.098
|
53.436
|
|
24
|
34.426
|
36.667
|
39.083
|
41.689
|
44.502
|
47.538
|
50.816
|
54.355
|
58.177
|
|
25
|
36.459
|
38.950
|
41.646
|
44.565
|
47.727
|
51.153
|
54.865
|
58.888
|
63.249
|
|
26
|
38.553
|
41.313
|
44.312
|
47.571
|
51.113
|
54.966
|
59.156
|
63.715
|
68.676
|
|
27
|
40.710
|
43.759
|
47.084
|
50.711
|
54.669
|
58.989
|
63.706
|
68.857
|
74.484
|
|
28
|
42.931
|
46.291
|
49.968
|
53.993
|
58.403
|
63.234
|
68.528
|
74.333
|
80.698
|
|
29
|
45.219
|
48.911
|
52.966
|
57.423
|
62.323
|
67.711
|
73.640
|
80.164
|
87.347
|
|
30
|
47.575
|
51.623
|
56.085
|
61.007
|
66.439
|
72.435
|
79.058
|
86.375
|
94.461
|
|
35
|
60.462
|
66.674
|
73.652
|
81.497
|
90.320
|
100.251
|
111.435
|
124.035
|
138.237
|
|
40
|
75.401
|
84.550
|
95.026
|
107.030
|
120.800
|
136.606
|
154.762
|
175.632
|
199.635
|
|
45
|
92.720
|
105.782
|
121.029
|
138.850
|
159.700
|
184.119
|
212.744
|
246.325
|
285.749
|
|
50
|
112.797
|
130.998
|
152.667
|
178.503
|
209.348
|
246.217
|
290.336
|
343.180
|
406.529
|
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