Find the future value of an ordinary annuity if payments are made in the amount R and interest is compounded as given. Then determine how much of this value is from contributions and how much is from interest. R=9,100; 8% interest compounded semiannually for 5 years. The future value of the ordinary annuity is $. (Round to the nearest cent as needed.)
Find the future value of an ordinary annuity if payments are made in the amount R and interest is compounded as given. Then determine how much of this value is from contributions and how much is from interest. R=9,100; 8% interest compounded semiannually for 5 years. The future value of the ordinary annuity is $. (Round to the nearest cent as needed.)
College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter8: Sequences And Series
Section8.4: Mathematics Of Finance
Problem 26E
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Hey! Need help with the following problem, it states to round to the nearest cent as needed, thank you!
![Find the future value of an ordinary annuity if payments are made in the amount R and interest is compounded as given. Then determine how much of this value is from contributions and how much
is from interest.
R=9,100; 8% interest compounded semiannually for 5 years.
The future value of the ordinary annuity is $.
(Round to the nearest cent as needed.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3efdeee8-5cdd-4148-bdfe-165cd33a53d9%2F92f27051-ebfe-43b5-a163-335d4a76ed11%2F6ilw8mj_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Find the future value of an ordinary annuity if payments are made in the amount R and interest is compounded as given. Then determine how much of this value is from contributions and how much
is from interest.
R=9,100; 8% interest compounded semiannually for 5 years.
The future value of the ordinary annuity is $.
(Round to the nearest cent as needed.)
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