Math question help needed

Accounting
Tutor: None Selected Time limit: 1 Day

John will receive $1200 at the beginning of each of the next 7 years, what is the future value of this annuity, assuming that the interest rate is 9% compounded annually? (Round to the nearest whole dollar)

Jun 17th, 2015

Thank you for the opportunity to help you with your question!

A=P(1+r/n)^nt

=$1200(1+0.09/1)^7

=$1200(1.09)^7

=$2193.65

to the nearest whole dollar=$2194

Please let me know if you need any clarification. I'm always happy to answer your questions.
Jun 17th, 2015

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