Question

Find the amount of the annuity.

Amount of Each Deposit: $6,200

Deposited: Semiannually

Rate per Year: 6%

Number of Years: 5

Type of Annuity: Ordinary

Answer 1

The formula of the future value of annuity ordinary is
Fv=pmt [(1+r/k)^(kn)-1)÷(r/k)]
Fv future value?
PMT payment 6200
r interest rate 0.06
K compounded semiannual 2
N time 5 years
Fv=6,200×(((1+0.06÷2)^(2×5)) ÷(0.06÷2))=277,742.72

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