108k views
3 votes
Find the future value for the annuity due with the given rate.Payments of $700 for 9 years at 0.31% compounded annuallyThe future value of the annuity due is $0.(Do not round until the final answer. Then round to the nearest cent as needed.)

User Kfriend
by
7.8k points

1 Answer

3 votes

Future value of annuity due is calculated using


\text{FVA due = }\frac{P\text{ }*\lbrack(1+r)^n\text{ - 1\rbrack }*\text{ ( 1 + r)}}{r}

From the question, we are given


\begin{gathered} P\text{ =\$700} \\ r\text{ = 0.31\%} \\ n\text{ = 9 years} \end{gathered}

Hence,

Future Vlaue of annuity due will be


undefined

User Baurin Leza
by
8.3k points
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.