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Complete the ordinary annuity
Complete the ordinary annuity. (Please use the following provided Table.) (Do not round intermediate calculations.)
Amount of payment-12,000
Payment payable-Semiannually
YearsInterest-8
rate-7%
Value of annuity=
Expert Solution
Computation of Value of Ordinary Annuity:
Given,
Amount of payment = $12,000
Number of periods = 8 years * 2 = 16 Periods
Rate of interest = 7% / 2 = 3.5% per period
Value of ordinary annuity = Amount of payment * FVIFA (3.5%, 16 periods)
(Refer FVIFA table for values)
Value of Ordinary Annuity = $12,000 * 20.9710 = $251,652
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