Math Problem Statement
Calculate the future value. Present Value Interest Rate Payments Timing of Payment Years Future Value $0.00 8.5% monthly $400.00 monthly End 24 ??? Determine the annuity type. Ordinary Simple Annuity Ordinary General Annuity Simple Annuity Due General Annuity Due Identify the following pieces of information to be used to calculate the future value of the annuity. Periodic Payment: Number of Payments per Year: Total Number of Payments: Annual Interest Rate: Number of Compoundings per Year: Determine the future value of the annuity.
Solution
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Math Problem Analysis
Mathematical Concepts
Annuities
Compound Interest
Formulas
Future Value of an Ordinary Annuity
Theorems
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Suitable Grade Level
Grades 10-12
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