My pfp is hawt as heck
2 answers:
You might be interested in
Answer:
$9891.23
Step-by-step explanation:
The formula for future value of annuity due is:
Where,
- FV is the future value of the annuity (what we need to find)
- P is the periodic payment (here it is $400)
- r is the interest rate per period (here 13% yearly interest is actually
percent per period(quarter))
- n is the number of periods (here the annuity is for
years, which is
periods, since quarterly and there are 4 quarters in 1 year)
Substituting all those values in the equation we get:
Hence, the future value of the annuity due is $9891.23