Find the Amount of an Ordinary Annuity for 6 Years

question 103

Short Answer

Find the amount of an ordinary annuity for 6 years of quarterly payments of $2,200 that earn interest at 8% per year compounded quarterly. Round your answer to the nearest cent.
$__________

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Definitions:

United States Treasury

The department of the federal government responsible for managing national finances, including producing currency, collecting taxes, and issuing government debt.

Monetrary Unit

The standard unit of currency used in a country's monetary system, facilitating the exchange of goods and services.

Medium of Exchange

A mediating device designed to help in the transaction, acquisition, or swapping of items between participants.

Store of Value

An asset that can be saved, retrieved, and exchanged at a later time, and predictably will be able to purchase goods or services equivalent to its current value.