Find the future value of the following ordinary annuities. Payments are made and interest is compounded as given. R=$4000, 5% interest compounded annually for 20 years

Elementary Geometry For College Students, 7e
7th Edition
ISBN:9781337614085
Author:Alexander, Daniel C.; Koeberlein, Geralyn M.
Publisher:Alexander, Daniel C.; Koeberlein, Geralyn M.
ChapterP: Preliminary Concepts
SectionP.CT: Test
Problem 1CT
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Find the future value of the following ordinary annuities. Payments are made and interest is compounded as given.
R = $4000, 5% interest compounded annually for 20 years
What is the future value of the ordinary annuity?
$
(Round to the nearest cent.)
Transcribed Image Text:Find the future value of the following ordinary annuities. Payments are made and interest is compounded as given. R = $4000, 5% interest compounded annually for 20 years What is the future value of the ordinary annuity? $ (Round to the nearest cent.)
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