Fed Financial
Financial Help!?
Find the future value (FV) of the ordinary annuity, $110 monthly payment, 5.25% interest, 1 year. (Round your answer to the nearest cent.) Find the future value (FV) of the ordinary annuity, $190 monthly payment, 6% interest, 14 years. (Round your answer to the nearest cent.) Thanks.
Public Comments
- There are tons of great annuity calculators on the web. The one I used is at the link below and provided the following answers: $1,352.23 $49,837.91 One important thing to remember when using these calculators, you must calculate the interest per period. If you have monthly payments and an annual percentage rate you need to divide the interest by 12 and enter that number into the "Interest Rate per Time Period" field. For the first one you need to enter .4375 = 5.25/12 and for the second one .5 = 6/12
