Find the future value of the annuity.
-There are payments of $100 at the end of each year for 15 years at 2% interest compounded annually
A) $1597.39
B) $659.74
C) $6729.34
D) $1729.34

Question

Quizplus · Accepted Answer

The future value of an annuity can be calculated using the formula: FV = P * [(1 + r)^n - 1] / r, where P is the payment amount, r is the interest rate, and n is the number of periods. Plugging in the values: FV = 100 * [(1 + 0.02)^15 - 1] / 0.02 = $1729.34.

Find the Future Value of the Annuity