Use the future value formula to find the indicated value.

FV equals $ 3455FV=$3455​; 

n equals 9n=9​; 

i equals 0.09i=0.09​; 

PMT equals question markPMT=?

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Part 1

PMTequals=​$enter your response here

​(Round to the nearest​ cent.)

To find the payment amount ($ PMT $), we'll use the future value of an annuity formula:

\[
FV = \frac{PMT \times \left((1 + i)^n - 1\right)}{i}
\]

We need to solve for $ PMT $:

\[
PMT = \frac{FV \times i}{(1 + i)^n - 1}
\]

Given:
- $ FV = 3455 $ (future value),
- $ i = 0.09 $ (interest rate per period),
- $ n = 9 $ (number of periods).

Let's calculate the payment amount ($ PMT $) step by step.The payment amount ($ PMT $) is approximately $265.34 when rounded to the nearest cent.

Do you need more details or have any questions about this calculation?

Here are some related questions you might consider:

1. How does the future value change if the payment amount increases?
2. What is the total amount paid over the 9 periods?
3. How would the payment amount change if the interest rate were lower?
4. What is the present value of this annuity?
5. Can this formula be applied to irregular payment schedules?
6. What if the future value was compounded monthly instead of annually?
7. How does the number of periods affect the payment amount?
8. What would happen if the interest rate were compounded more frequently?

**Tip:** Always ensure that the interest rate and the number of periods are consistent in terms of time intervals (e.g., both should be in years, months, etc.).

Learn how to calculate the payment amount (PMT) of a future value annuity using the formula FV = PMT * ((1 + i)^n - 1) / i. Given FV = $3455, n = 9 periods, and interest rate i = 0.09, find the payment amount rounded to the nearest cent.

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