Problem $6.$ Future Value and Present Value of an Annuity. $10$ points.

Find the amount of each ordinary annuity

a$)$ future value of $$400$ per monthly period for $5$ years at $3\mathrm{.}5\%$ interest rate per year compounded monthly.

b$)$ present value of $$350$ per monthly period for $10$ years at $5\mathrm{.}1\%$ interest rate per year compounded monthly.

Solution:

$($a$)$

$($b$)$