Annuity payments are assumed to come at the end of each payment period (termed an ordinary annuity). However, an exception occurs when the annuity payments come at the beginning of each period (termed an annuity due). What is the future value of a 11-year annuity of $1,900 per period where payments come at the beginning of each period? The interest rate is 13 percent. Use Appendix C for an approximate answer, but calculate your final answer using the formula and financial calculator methods. To find the future value of an annuity due when using the Appendix tables, add 1 to n and subtract 1 from the tabular value. For example, to find the future value of a $100 payment at the beginning of each period for five periods at 10 percent, go to Appendix C for n= 6 and i = 10 percent. Look up the value of 7.716 and subtract 1 from it for an answer of 6.716 or $671.60 ($100 * 6.716). (Do not round intermediate calculations. Round your final answer to 2 decimal places.) Future value (1- Appendix C Future value of an annuity of $1, FVIFA FVA= A Percent Period 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 1 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 2 2.010 2.020 2.030 2.040 2.050 2.060 2.070 2.080 2.090 2.100 2.110 3 3.030 3.060 3.091 3.122 3.153 3.184 3.215 3.246 3.278 3.310 3.342 4 4.060 4.122 4.184 4.246 4.310 4.375 4.440 4.506 4.573 4.641 4.710 5 5.101 5.204 5.309 5.416 5.526 5.637 5.751 5.867 5.985 6.105 6.228 6 6.152 6.308 6.468 6.633 6.802 6.975 7.153 7.336 7.523 7.716 7.913 7 7.214 7.434 7.662 7.898 8.142 8.394 8.654 8.923 9.200 9.487 9.783 8 8.286 8.583 8.892 9.214 9.549 9.897 10.260 10.637 11.028 11.436 11.859 9 9.369 9.755 10.159 10.583 11.027 11.491 11.978 12.488 13.021 13.579 14.164 10 10.462 10.950 11.464 12.578 13.181 13.816 14.487 15.193 15.937 16.722 19.561 11 12.808 14.207 14.972 16.645 11.567 12.683 12.006 13.486 15.026 16.627 12.169 13.412 14.680 15.784 17.888 17.560 20.141 12 14.192 15.917 16.870 18.977 21.495 18.531 21.384 24.523 22.713 26.212 13 13.809 15.618 17.713 20.141 22.953 18.882 21.015 14 14.947 15.974 17.086 18.292 19.599 22.550 24.215 26.019 27.975 30.095 15 16.097 17.293 18.599 20.024 21.579 23.276 25.129 27.152 29.361 31.772 34.405 16 17.258 18.639 20.157 21.825 23.657 25.673 27.888 30.324 33.003 35.950 39.190 17 18.430 20.012 21.762 23.698 28.213 30.840 33.750 36.974 40.545 44.501 25.840 28.132 18 19.615 21.412 23.414 25.645 30.906 33.999 37.450 41.301 45.599 50.396 19 20.811 22.841 25.117 27.671 30.539 33.760 37.379 41.446 46.018 51.159 56.939 20 22.019 24.297 26.870 29.778 33.066 36.786 40.995 45.762 57.275 64.203 51.160 84.701 25 36.459 41.646 47.727 54.865 63.249 73.106 98.347 114.41 28.243 34.785 32.030 40.588 30 47.575 56.085 66.439 79.058 94.461 113.28 136.31 164.49 199.02 40 48.886 60.402 75.401 95.026 154.76 199.64 259.06 337.89 442.59 581.83 120.80 209.35 50 64.463 84.579 112.80 152.67 290.34 406.53 573.77 815.08 1,163.9 1,668.8 Appendix C (concluded) Future value of an annuity of $1 Percent Period 12% 13% 14% 15% 16% 17% 18% 19% 20% 25% 30% 1 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 2 2.120 2.130 2.140 2.150 2.160 2.170 2.180 2.190 2.200 2.250 2.300 3 3.374 3.407 3.440 3.473 3.506 3.539 3.572 3.606 3.640 3.813 3.990 4 4.779 4.850 4.921 4.993 5.066 5.141 5.215 5.291 5.368 5.766 6.187 5 6.353 6.480 6.610 6.742 6.877 7.014 7.154 7.297 7.442 8.207 9.043 6 8.115 8.323 8.536 8.754 8.977 9.207 9.442 9.683 9.930 11.259 12.756 7 10.089 10.405 11.067 11.414 11.772 12.142 12.523 12.916 15.073 17.583 10.730 13.233 00 12.300 12.757 13.727 14.240 14.773 15.327 15.902 16.499 19.842 23.858 9 14.776 15.416 16.085 16.786 17.519 18.285 19.086 19.923 20.799 25.802 32.015 10 17.549 18.420 19.337 20.304 21.321 22.393 23.521 24.701 25.959 33.253 42.619 11 20.655 21.814 23.045 24.349 25.733 27.200 28.755 30.404 32.150 42.566 56.405 12 25.650 27.271 30.850 39.581 74.327 24.133 28.029 32.824 39.404 34.931 42.219 29.002 34.352 40.505 37.180 45.244 13 29.985 32.089 36.786 54.208 68.760 86.949 48.497 59.196 97.625 14 34.883 37.581 50.818 54.841 127.91 32.393 37.280 43.672 51.660 47.103 56.110 15 40.417 43.842 47.580 60.965 66.261 72.035 109.69 167.29 16 42.753 46.672 50.980 55.717 60.925 66.649 72.939 79.850 87.442 138.11 218.47 17 48.884 53.739 65.075 71.673 78.979 87.068 96.022 105.93 285.01 59.118 68.394 173.64 218.05 18 55.750 61.725 75.836 93.406 103.74 115.27 128.12 371.52 84.141 98.603 19 70.749 110.29 123.41 154.74 63.440 72.052 78.969 91.025 88.212 102.44 138.17 165.42 20 80.947 115.38 130.03 146.63 186.69 483.97 630.17 2,348.80 8,730.0 25 133.33 155.62 181.87 212.79 249.21 292.11 342.60 402.04 273.56 342.95 1,054.8 3,227.2 30,089.0 280,256.0 471.98 30 241.33 293.20 356.79 434.75 530.31 647.44 790.95 966.7 1,181.9 40 767.09 1,013.7 1,342.0 1,779.1 2,360.8 3,134.5 4,163.21 5,529.8 31,515.0 7,343.9 45,497.0 120,393.0 1,659,76.0 50 2,400.0 3,459.5 4,994.5 7,217.7 10,436.0 15,090.0 21,813.0