Question: Q4 What amount comes closest to the future value, at the end of year 20, of a 15 year annuity of $550 that makes its

Q4

  1. What amount comes closest to the future value, at the end of year 20, of a 15 year annuity of $550 that makes its first payment at the end of year 6? Use an interest rate of 3%.

a.$ 11,868

b.$ 13,821

c.$ 12,802

d.$ 11,013

e.$ 10,229

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