Question

At the beginning of each year, Bill Ross invests $1,400 semiannually at 8% for nine years. The cash value of the annuity due at the end of the ninth year is

Answer 1

8% of 1,400 is 112.Semiannually is twice a year.

112 * 18 = 2,016

cash value = 2,016 + 1,400 = 3,416