This problem demonstrates the dependence of the future value of an annuity on the number of payments.
Question:
This problem demonstrates the dependence of the future value of an annuity on the number of payments. Suppose $1000 is invested at the end of each year. Assume the investments earn 5% compounded annually. Calculate the future value of the investments after each of the following numbers of payments:
a. 5
b. 10
c. 15
d. 20
e. 25
f. 30
Note that the future value increases proportionately more than n as n is increased.
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a Given Similarly b FV 1257789 for n 10 c FV 2157856 for n ...View the full answer
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Related Book For
Fundamentals Of Business Mathematics In Canada
ISBN: 9781259370151
3rd Edition
Authors: F. Ernest Jerome, Jackie Shemko
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