What is the future value of $2,575 per year for 17 years at an interest rate of 6.69 percent? Multiple Choice a. $73,613.44 B. $69.984.94 C. $74,578.42 D. $73,883.59 E. $77.241.93
What is the future value of $2,575 per year for 17 years at an interest rate of 6.69 percent? Multiple Choice a. $73,613.44 B. $69.984.94 C. $74,578.42 D. $73,883.59 E. $77.241.93
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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Question
What is the
Multiple Choice
a. $73,613.44
B. $69.984.94
C. $74,578.42
D. $73,883.59
E. $77.241.93
Expert Solution
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Step 1
Future value of annuity = P x [(1 + i)n - 1]/i
P = Annual payment
i = interest rate
n = number of years
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