Find the Future Value of an Ordinary Annuity of $67

question 86

Multiple Choice

Find the future value of an ordinary annuity of $67 paid quarterly for 4 years, if the interest rate is 6%, compounded quarterly. Round your answer to the nearest cent. ​

• A) $1,350.51
• B) $1,201.47
• C) $1,248.83
• D) $5,668.14
• E) $300.37

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Definitions:

Immediate Loss

The loss recognized or experienced without delay upon the occurrence of a specific event.

Free Throw

A shot in basketball granted to a player after a foul, taken from the free-throw line without opposition.

Fair Coin

A theoretical or ideal coin for which the probability of landing heads or tails is exactly equal, used in probability theory.

Probability

Probability is a measure of the likelihood that an event will occur, expressed as a number between 0 and 1, where 0 indicates impossibility and 1 indicates certainty.