Latanya Brown established an ordinary annuity of $1,000 annually at 7% annual interest. What is the future

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Latanya Brown established an ordinary annuity of $1,000 annually at 7% annual interest. What is the future value of the annuity after 15 years? How much of her own money will Latanya have invested during this time period? By how much will her investment have grown?
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,...
Future Value
Future value (FV) is the value of a current asset at a future date based on an assumed rate of growth. The future value (FV) is important to investors and financial planners as they use it to estimate how much an investment made today will be worth...
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Business Math

ISBN: 978-0133011203

10th edition

Authors: Cheryl Cleaves, Margie Hobbs, Jeffrey Noble

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