question archive The future value of a $2,000 annuity due deposited at 8 percent compounded annually for each of the next 10 years is ________
The future value of a $2,000 annuity due deposited at 8 percent compounded annually for each of the next 10 years is ________
Subject:AccountingPrice:2.87 Bought7
The future value of a $2,000 annuity due deposited at 8 percent compounded annually for each of the next 10 years is ________.
Select one:
a. $28,974
b. $14,494
c. $13,420
d. $31,291
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Answer:
The future value of a $2,000 annuity due deposited at 8 percent compounded annually for each of the next 10 years is
Answer : $13,420
| Present value of annuity |
| P = PMT x ((1 – (1 / (1 + r) ^ -n)) / r) |
| P = 2000 * ((1 - (1 + 8%) ^ -10)) / 8%) |
| P = 13,420.16 |
