Use a financial calculator or computer software program to answer the following questions: a. What would be
Question:
Use a financial calculator or computer software program to answer the following questions:
a. What would be the future value (FV) of $7,455 invested annually for nine years beginning one year from now if the annual interest rate is 19 percent?
b. What would be the present value (PV) of a $9,532 annuity for which the first payment will be made beginning one year from now, payments will last for 27 years, and the annual interest rate is 13 percent?
AnnuityAn annuity is a series of equal payment made at equal intervals during a period of time. In other words annuity is a contract between insurer and insurance company in which insurer make a lump-sum payment or a series of payment and, in return,... Future Value
Future value (FV) is the value of a current asset at a future date based on an assumed rate of growth. The future value (FV) is important to investors and financial planners as they use it to estimate how much an investment made today will be worth...
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Step by Step Answer:
a Using a financial calculator enter 7455 and press PMT enter 19 an...View the full answer
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Related Book For 
Introduction to Finance Markets Investments and Financial Management
ISBN: 978-1118492673
15th edition
Authors: Melicher Ronald, Norton Edgar
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