Find the future value of the following ordinary annuity. Paym R=$500, 7% interest compounded quarterly for 8 years What is the future value of the ordinary annuity? $ (Round to the nearest dollar as needed.)

Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter11: Capital Budgeting Decisions
Section: Chapter Questions
Problem 6MC: You want to invest $8,000 at an annual Interest rate of 8% that compounds annually for 12 years....
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Find the future value of the following ordinary annuity. Payments are made and interest is compounded as given.
R = $500, 7% interest compounded quarterly for 8 years
What is the future value of the ordinary annuity?
$
(Round to the nearest dollar as needed.)
Transcribed Image Text:Find the future value of the following ordinary annuity. Payments are made and interest is compounded as given. R = $500, 7% interest compounded quarterly for 8 years What is the future value of the ordinary annuity? $ (Round to the nearest dollar as needed.)
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