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djyliett [7]
3 years ago
11

What is the future value of a $500 annuity payment over eight years if interest rates are 14 per 14 percent

Business
1 answer:
Charra [1.4K]3 years ago
6 0

Answer:

FV= $6,616.38

Explanation:

Giving the following information:

Annual cash flow= $500

Number of periods (n)= 8

Interest rate= 14%

<u>To calculate the future value, we need to use the following formula:</u>

FV= {A*[(1+i)^n-1]}/i

A= annual cash flow

FV= {500*[(1.14^8) - 1]} / 0.14

FV= $6,616.38

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