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.)
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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