Future Value of Annuities

1. When payments are made at the end of each payment you will treat them as

• An annuity due
• An ordinary annuity
• A perpetuity

2. You are planning to put 2750 in the bank at the end of each year for the next six years in hopes that you will have enough money for a new car. If you are investing at an annual interest rate of 7%, how much money will you have at the end of 6 years?

• 14249
• 19672
• 14961
• 15304
• 21049

3. You decided to deposit your money in the bank at the beginning of the year instead of the end of the year, but now you are making payments of 3000 at an annual interest rate of 9%. How much money will you have available at the end of 7 years?

• 15304
• 16070
• 14249
• 30085
• 14961