Find the Amount (Future Value) of the Ordinary Annuity

question 198

Short Answer

Find the amount (future value) of the ordinary annuity. Please round the answer to the nearest cent.
$200/month for yr at 7%/year, compounded monthly
S = $ __________

---

Definitions:

Chargeout Rate

The rate at which a company bills its clients or internal departments for services provided, typically used in professional services firms.

Billable Hour

A unit of measure used to charge clients for services, representing one hour of work provided by a company or professional.

Accounting Standards

A set of principles and rules that define how financial transactions and statements should be recorded and reported.

Cost of Inventories

The total value of all the components that make up inventory, including materials, labor, and allocated overhead.