Find the value of the annuity at the end of the indicated number of years. Assume that the interest is compounded with the same frequency as the deposits. (Round your answer to the nearest cent.) Amount of Deposit Frequency Rate Time m $800 annually 1% 30 yr Need Help? Read It

Find the value of the annuity at the end of the indicated number of years. Assume that the interest is compounded with the same frequency as the deposits. (Round your answer to the nearest cent.) Amount of Deposit Frequency Rate Time m $800 annually 1% 30 yr Need Help? Read It

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Find the value of the annuity at the end of the indicated number of years. Assume that the interest is compounded with the same frequency as the deposits. (Round your answer to the nearest cent.)
Amount of Deposit
Frequency
Rate
Time
m
n
annually
1%
30 уг
$800
Need Help?
Read It
%24

Expert Solution

Given data

Amount of deposit(m): $800

Frequency(n): annually

Rate(r): 1%

Time(t): 30 years

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