Calculate the future value of an ordinary annuity consisting of monthly payments of $300 for five years.

Question:

Calculate the of an ordinary consisting of monthly payments of $300 for five years. The rate of return was 9% compounded monthly for the first two years, and will be 7.5% compounded monthly for the last three years.
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,... Future Value
Future value (FV) is the value of a current asset at a future date based on an assumed rate of growth. The future value (FV) is important to investors and financial planners as they use it to estimate how much an investment made today will be worth...