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Do Homework - kevin mck xPearson Homework - kevin mck x Course Home C https://www.mathxl.com/Student/PlayerHomework.aspx?homeworkld-505964326 Fall 2018-BUS 3030 02 Homework: Homework #3 Score: 0 of 1 pt P4-2 (similar to) 6 of 14 (0 complete) Future value of an ordinary annuity. Fill in the missing future values in the following table for an ordinary annuity. Number of Annual Present Value Years Interest Rate Present Value Annulty Future Value $248.66 1,444.54 4% | 0 S673.37 $511.87 6% 12% 19 27 320 0.6% Number of Annual Years Interest Rate Present Value 6% Present Value Annulty Future Value $248.66 S(Round to the nearest cent.) Enter your answer in the answer box and then click Check Answer 3 remaining Clear Al

Explanation / Answer

Future value of annuity= Annuity [(1+rate)^time period-1]÷rate

Annuity = $248.66

Rate = 6%

Time period = 9 years

Future value of annuity = $248.66 [(1+0.06)9-1] ÷ 0.06

= $248.66 (1.689479 - 1) ÷ 0.06

= $171.45 ÷ 0.06

= $2857.50     

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