Answer to Question #78824 in Financial Math for allisyn

Question #78824

What is the future value of a $930 annuity payment over five years if interest rates are 9 percent?

Expert's answer

FV = P((1 + r)^n - 1)/r = 930((1 + 0.09)^5 - 1)/0.09 = $5565.78.

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