FVAt=PMT((1+(r/12)t(12))-1)/(r/12) PVA-PMT((1-(1+(r/12))^_t(12))/(r/ 12) PVA = PMT(((1-(1+r)^-t) /r)) FVA - PMT(((1+r)^t) -1)/r Using the formulas above, calculate the following 1) What is the future value of annuity that has MONTHLY payments of $4,000 for 7 years if the annual interest rate is 5%