Find the future value of the following ordinary annuities. Payments are made and interest is compounded as given. R = $4000, 10% interest compounded annually for 20 years What is the future value of the ordinary annuity? (Round to the nearest cent.)

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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Find the future value of the following ordinary annuities. Payments are made and interest is compounded as given.
R = $4000, 10% interest compounded annually for 20 years
What is the future value of the ordinary annuity?
$
(Round to the nearest cent.)
Transcribed Image Text:Find the future value of the following ordinary annuities. Payments are made and interest is compounded as given. R = $4000, 10% interest compounded annually for 20 years What is the future value of the ordinary annuity? $ (Round to the nearest cent.)
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Step 1

Given,

The payments $4000

Interest rate is 10%

Term is 20 years

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