Conceptual Overview: Explore how interest, payment, and number of periods determine the future value of an ordinary annuity. periods and observe how the future value of the annuity changes. FVAN=PMT[I(1+I)N1]=$100[0.050(1+0.050)31)]=$315.25 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 2. Set the sliders so that the interest rate is 5%, the payment is $100, and the number of periods is 3 . If the interest rate doubles from 5% to 10%, the future value of the annuity: a. Increases but by less than double b. Exactly doubles c. Increases by more than double d. Cannot be determined 3. Again, set the sliders so that the interest rate is 5%, the payment is $100, and the number of periods is 3 . If the payment doubles from $100 to $200, the future value of the annuity: a. Increases but by less than double b. Exactly doubles c. Increases by more than double d. Cannot be determined 4. Again, set the sliders so that the interest rate is 5%, the payment is $100, and the number of periods is 3 . If the number of periods doubles from 3 to 6 , the future value of the annuity: a. Increases but by less than double b. Exactly doubles c. Increases by more than double d. Cannot be determined