Question: What is the difference in future value between savings in which $3,000 is deposited each year at the beginning of the period and the same
What is the difference in future value between savings in which $3,000 is deposited each year at the beginning of the period and the same amount deposited at the end of the period? Assume an interest rate of 8 percent and that both are due at the end of 19 years.
Fill in your answers (L-R) in the following order:
(a) Annuity Due (beginning of period) = ______
(b) Ordinary Annuity (end of period) = ______
(c) Difference between "ordinary annuity" and "annuity due" = _______
(Round your answers to the nearest whole dollar. Omit the comma and "$" sign in your responses.)
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