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)]
where P = principal r = rate of interest and n = numb
A = 1200 (1 + 9/100) ^7
= 1200 (1.09)^7
= 1200 × 1.82804
= 2193. 64
rounded to nearest dollar =$2474
has not come out right - answer attached as a document
correct answer is $23041
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