Find the future value of the annuity due.
-$1500 deposited at the beginning of each year for 12 years at $3 \%$ compounded annually
A) $\$ 21,926.69$
B) $\$ 19,788.04$
C) $\$ 69,788.04$
D) $\$ 17,711.69$

Question

Quizplus · Accepted Answer

The future value of an annuity due can be calculated using the formula: $ FV = P \times \frac{(1 + r)^n - 1}{r} \times (1 + r) $, where $ P $ is the payment, $ r $ is the interest rate, and $ n $ is the number of periods. Plugging in the values: $ P = 1500 $, $ r = 0.03 $, $ n = 12 $, the future value is approximately $\$ 21,926.69$.

Find the Future Value of the Annuity Due 3%3 \%3% Compounded Annually A)

Find the Future Value of the Annuity Due $3 \%$ Compounded Annually
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