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18 June, 22:25

Find the future value (FV) of the annuity due. (Round your answer to the nearest cent.) $180 monthly payment, 6.25% interest, 11 years

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  1. 18 June, 23:43
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    The future value of the annuity due to the nearest cent is $2956.

    Step-by-step explanation:

    Consider the provided information:

    It is provided that monthly payment is $175, interest is 7% and time is 11 years.

    The formula for the future value of the annuity due is:

    Now, substitute P = 175, r = 0.07 and t = 11 in above formula.

    Hence, the future value of the annuity due to the nearest cent is $2956.
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