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Q1 Question 7 What is the future value in 27 years of an ordinary annuity cash flow of $704 every quarter of a year at

Question 7

What is the future value in 27 years of an ordinary annuity cash flow of $704 every quarter of a year at the end of the period, at an annual interest rate of 8.89 percent per year, compounded quarterly?

Round the answer to two decimal places.

Please explain using Excel formula.

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