# An ordinary annuity consists of quarterly payments of $400 for 11 years. Based on a nominal rate

## Question:

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,...

Fantastic news! We've Found the answer you've been seeking!

## Step by Step Answer:

**Related Book For**