An annuity has $159 beginning of month deposits for 10 years with a rate of interest of 6% compounded semi-annually.

An annuity has $159 beginning of month deposits for 10 years with a rate of interest of 6% compounded semi-annually.

Question:

An annuity has $159 beginning of month deposits for 10 years with a rate of interest of 6% compounded semi-annually. Calculate a) The Future Value (FV) of the annuityb) The total amount of money deposited into the account over 10 years.c) The total amount of interest included in the FV in part “a”.

Expert Answer:

Answer rating: 100% (QA)

a The Future Value FV of the annuity can be calculated using the formula for the future va
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