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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.
Expert Solution
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
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