1. What is the approximate future value of an annuity after 10 years with payments each period of $200, and an interest rate of 6% ? a. $1,257.59 b. $2,515.58 c. $2,636.16 d. $3,187.48 a. Increases but by less than double b. Exactly doubles c. Increases by more than double d. Cannot be determined a. Increases but by less than double b. Exactly doubles c. Increases by more than double d. Cannot be determined a. Increases but by less than double b. Exactly doubles c. Increases by more than double d. Cannot be determined Conceptual Overview: Explore how interest, payment, and number of periods determine the future value of an ordinary annuity. how the future value of the annuity changes. FVAN=PMT[I(1+IN1]=$100[0.050(1+0.050)31)]=$315.25