Find the future value of an ordinary annuity if payments are made in the amount R and interest is compounded as given. Then determine how much of this value is from contributions and how much is from interest. R=700; 6.2% interest compounded semiannually for 12 years. The future value of the ordinary annuity is $ (Round to the nearest cent as needed.) ...

College Algebra
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ISBN:9781938168383
Author:Jay Abramson
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Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
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5.2 Q7) 5.2 Q7) Hey! Need help with the following problem, it states to round to the nearest cent as needed, thank you!
Find the future value of an ordinary annuity if payments are made in the amount R and interest is compounded as given. Then determine how much of this value is from contributions and how much
is from interest.
R = 700; 6.2% interest compounded semiannually for 12 years.
The future value of the ordinary annuity is $
(Round to the nearest cent as needed.)
C
Transcribed Image Text:Find the future value of an ordinary annuity if payments are made in the amount R and interest is compounded as given. Then determine how much of this value is from contributions and how much is from interest. R = 700; 6.2% interest compounded semiannually for 12 years. The future value of the ordinary annuity is $ (Round to the nearest cent as needed.) C
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