Find the future value of the following ordinary annuities. Payments are made and interest is compounded as given. R=$4000, 5% interest compounded annually for 20 years

College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter8: Sequences And Series
Section8.4: Mathematics Of Finance
Problem 26E
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Find the future value of the following ordinary annuities. Payments are made and interest is compounded as given.
R = $4000, 5% interest compounded annually for 20 years
What is the future value of the ordinary annuity?
$
(Round to the nearest cent.)
Transcribed Image Text:Find the future value of the following ordinary annuities. Payments are made and interest is compounded as given. R = $4000, 5% interest compounded annually for 20 years What is the future value of the ordinary annuity? $ (Round to the nearest cent.)
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