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Find the value of the ordinary annuity at the end of the indicated time period. The payment​ R, frequency of deposits m​ (which is the same as the frequency of​ compounding), annual interest rate​ r, and time period t are given.

amount:$500; monthly; 5%; 6 years

Guest Mar 6, 2017
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FV = P x [ 1 + R]^N - 1 / R

FV = 500 x {[1 + 0.05/12]^(6*12) - 1 / 0.05/12}

FV = 500 x                 83.7642586....

FV =$41,882.13

Guest Mar 6, 2017

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