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marinewife22
Jul 17, 2007, 04:09 PM
What is the future value of a 5-year ordinary annuity that promises to pay you $300 each year? The rate of interest is 7 percent.
KongTheKonqueror
Jul 17, 2007, 09:45 PM
FVoa = PMT [(((1 + I)^n )- 1)/ I]

FVoa = Future Value of an Ordinary Annuity
PMT = Amount of each payment
I = Interest Rate Per Period
n = Number of Periods