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)

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

A = P [(1 + r)^ (n-1)]

r-1

where P = principal r = rate of interest and n = numb

A = 1200 (1 + 9/100) ^7

0.09

= 1200 (1.09)^7

= 1200 × 1.82804

= 2193. 64

= $2473.87

rounded to nearest dollar =$2474

has not come out right - answer attached as a document

correct answer is $23041

Annuity.docx

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