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3 years ago

Use the future value formula to find the indicated value.

Mathematics

1 answer:

Nimfa-mama [501]3 years ago

3 0

Answer:

The future value = $1780

Step-by-step explanation:

* Lets explain the formula of the future value

- Future Value of an annuity is used to determine the future value of a

stream of equal payments.

- The future value of an annuity formula can also be used to determine

the number of payments, the interest rate, and the amount of the

recurring payments

- The future value formula is $FV=\frac{PMT}{i}(1-\frac{1}{(1+i)^{n}})$

where:

# FV = Future Value of the annuity

# PMT= Payment amount

# i = Annual interest rate

# n = Number of payments

* Lets solve the problem

- n = 27

- i = 0.04

- PMT = $109

- To find FV lets use the formula above

∵ n = 27 , i = 0.04 , PMT = 109

∴ $FV=\frac{109}{0.04}(1-\frac{1}{(1+0.04)^{27}})$

∴ $FV=2725(1-\frac{1}{(1.04)^{27}})=1779.9248$

∴ FV = 1779.92 ≅ 1780

∴ The future value = $1780

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