An annuity consists of semiannual payments of $950 for a term of 8 1/2 years. Using a

Question:

An consists of semiannual payments of $950 for a term of 8 1/2 years. Using a nominal rate of 9% compounded quarterly, calculate the ordinary annuity’s:
a. Present value.
b. Future value.
Annuity
An annuity is a series of equal payment made at equal intervals during a period of time. In other words annuity is a contract between insurer and insurance company in which insurer make a lump-sum payment or a series of payment and, in return,...