1 year ago

Find the future value of an ordinary annuity of sh.25,000 at a compunding rate of 7% p.a. after 9 years?

Mathematics

1 answer:

snow_lady [41]1 year ago

8 0

Answer:

sh.299,449.72

Step-by-step explanation:

The future value of an ordinary annuity with annual payments P earning interest rate r compounded annually for t years is ...

FV = P((1+r)^t -1)/r

For the given numbers, the future value is ...

FV = sh.25000(1.07^9 -1)/0.07 ≈ sh.299,449.72

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Find the future value of an ordinary annuity of sh.25,000 at a compunding rate of 7% p.a. after 9 years?​

Find the future value of an ordinary annuity of sh.25,000 at a compunding rate of 7% p.a. after 9 years?