An ordinary annuity consists of semiannual payments of $2750 for a 3 1/2-year term. Using a nominal

Question:

An ordinary consists of semiannual payments of $2750 for a 3 1/2-year term. Using a nominal rate of 8% compounded monthly, calculate the annuity’s:
a. Present value.
b. Future value.
Annuity
An annuity is a series of equal payment made at equal intervals during a period of time. In other words annuity is a contract between insurer and insurance company in which insurer make a lump-sum payment or a series of payment and, in return,...