Mathematics, 13.10.2019 18:50, iBrain
Calculate the final amount of 20 year long term saving plan if a payment $2000 is made at the end of every year. intersest is 8.5% compounded annually.
Answers: 2
![\bf \qquad \qquad \textit{Future Value of an ordinary annuity} \\\\ FV=pymnt\left[ \cfrac{\left( 1+\frac{r}{n} \right)^{nt}-1}{\frac{r}{n}} \right] \\\\\\ \qquad \begin{cases} pymnt=\textit{periodic payments}\to &2,000\\ r=rate\to 8.5\%\to \frac{8.5}{100}\to &0.085\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{annually, means once} \end{array}\to &1\\ t=years\to &20 \end{cases}](/tpl/images/0316/4589/e650b.png)
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