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Accounting

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Peter will receive $1200 at the beginning of each of the next 7 years. What is the future value of this annuity, assuming the interest rate is 9% compounded annually? ( Round to the nearest whole dollar)
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The future value of 7 annual receipts of $1,200.00, received at the end of each period, and earning an annual interest rate of 9.000%, would be $11,040.52  of which $8,400.00 is the total of the receipts and $2,640.52 is the total interest earnings.
Please note that the $2,640.52 also represents the financial opportunity cost of spending $1,200.00 per year for 7 years on nonessential expenditures that lose their value with time and/or use.
Year  Receipts  Interest  Balance 
1  $1,200.00  $0.00  $1,200.00 
2  $1,200.00  $108.00  $2,508.00 
3  $1,200.00  $225.72  $3,933.72 
4  $1,200.00  $354.03  $5,487.75 
5  $1,200.00  $493.90  $7,181.65 
6  $1,200.00  $646.35  $9,028.00 
7  $1,200.00  $812.52  $11,040.52 
Totals  $8,400.00  $2,640.52  $11,040.52 
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