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Homework answers / question archive / What is the accumulated sum of the following stream of payments? $13,309 every year at the beginning of the year for 14 years, at 3
What is the accumulated sum of the following stream of payments?
$13,309 every year at the beginning of the year for 14 years, at 3.78. percent, compounded annually.
We can calculate the future value by using the following formula in excel:-
=fv(rate,nper,-pmt,pv,type)
Here,
FV = Future value
Rate = 3.78%
Nper = 14 periods
Pmt = $13,309
PV = $0
Type = 1
Substituting the values in formula:
= fv(3.78%,14,-13309,0,1)
= $248,870.08
