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If interest rates are 8 percent, what is the future value of a $400 annuity payment over six years? Unless otherwise directed, assume annual compounding

If interest rates are 8 percent, what is the future value of a $400 annuity payment over six years? Unless otherwise directed, assume annual compounding periods.

Recalculate the future value at 6 percent interest and 9 percent interest. Explain whether you would you rather have a savings account that paid interest compounded on a monthly basis or compounded on an annual basis? Why?

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