In the future value of an ordinary annuity, the last cash payment will not earn any interest.

Name: In the future value of an ordinary annuity, the last cash payment will not earn any interest.
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In the future value of an ordinary annuity formula, the interest is only earned on payments made before the end of the annuity term. The last cash payment will not have any time to earn interest, so it is not included in the calculation of future value.

In the Future Value of an Ordinary Annuity, the Last