Problem:Find the future value of an ordinary annuity of 500,000 payable semi-annually for 15 years if the money is 3% compounded quarterly.1. Show the proper substitution: FV=2. What is the future value

FORMULA GENERAL ORDINARY ANNUITY Future Value of Present Value of General Ordinary Annuity General Ordinary Annuity (1 + 1)" -1 FV = P - (1+ 1)-" [(1+(* - 1 PV = P (1 + 1)k - 1] where P = Regular Payment i = interest rate per compounding period where 1=_ int . number of conversion periods in s year n = m1 .f = total number of conversion periods t - number of years k = if number of month in payable interval co number of months in compounding panod