Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. what is the future value of $2,200 per year for 29

What is the future value of $2,200 per year for 29 years at an interest rate...

70.2K

Verified Solution

Question

Finance

What is the future value of $2,200 per year for 29 years at aninterest rate of 6.39 percent?

Answer & Explanation Solved by verified expert
4.4 Ratings (824 Votes)
Assuming that the 2200 is invested at the end of each year we will calculate the future value by future value of ordinary annuity formula as given below Future value of ordinary annuity P 1 rn 1 r where P Annual payments    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Transcribed Image Text

What is the future value of $2,200 per year for 29 years at aninterest rate of 6.39 percent?

Other questions asked by students

Q

How many zeros can a quartic function have?a) only oneb) only fourc) zero, two or...

Algebra
Q

Shark Questions: 1. What may be the purpose of counter shading in sharks and other types of...

Biology
Q

When you calculate the net electric field in a location due to the presence of more...

Physics
Q

Students at Lake Mean PE class ran a 5K with a mean run time of...

Basic Math
Q

Select the correct answer.Emanuel is writing a novel. He writes 10 pages on the first...

Basic Math
Q

1 For F ax by find F dr across the first quadrant of the circle...

Algebra
Q

Which answer describes the transformation of g x log x 3 1 from the parent...

Algebra
Q

Periodic inventory by three methods; cost of goods sold The units of an...

Accounting
Q

Required information [The following information applies to the questions displayed below.] Data...

Accounting
Q

Crane Company is considering two different, mutually exclusive capital expenditure proposals. Project A will cost...

Accounting
Q

Peel Company purchased a machine costing $138,000, terms 1/10, 1/30. The machine was shipped FOB...

Accounting
Q

Entry for Issuing Materials Materials issued for the current month are as follows: Journalize the...

Accounting