Jimenez Cruz
02/21/2024 · Junior High School
point(8) possible Find the future value of an ordinary annuity if payments are made in the amount \( R \) and interest is compounded as given, Then determine how much of this value is from contributions and how much is from interest. \( R=16,000 ; 4.5 \% \) interest compounded quarterly for 16 years. The future value of the ordinary annuity is \( \$ \square \). (Round to the nearest cent as needed.) The amount from contributions is \( \$ \square \) and the amount from interest is \( \$ \square \). (Round to the nearest cent as needed.)
Upstudy ThothAI Solution
Tutor-Verified Answer
Quick Answer
The future value of the ordinary annuity is \( \$1,277,440.00 \). The amount from contributions is \( \$1,024,000.00 \) and the amount from interest is \( \$253,440.00 \).
Step-by-step Solution
Answered by UpStudy AI and reviewed by a Professional Tutor
UpStudy ThothAI
Self-Developed and Ever-Improving
Thoth AI product is constantly being upgraded and optimized.
Covers All Major Subjects
Capable of handling homework in math, chemistry, biology, physics, and more.
Instant and Accurate
Provides immediate and precise solutions and guidance.
Try Now
Ask Tutors
Ask AI
10x
Fastest way to Get Answers & Solutions
By text
Enter your question here…
By image
Re-Upload
Submit