Solved: Future value of an ordinary annuity, Finance Basics

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Future value of an ordinary annuity

Question 1: You want to buy a car but you are $5,000 short. If you invest $2,350.00 at an annual interest rate of 12%, how long will it take you to purchase the car?

Question 2: What is the future value of a 5-year ordinary annuity with annual payments of $2500, evaluated at 15% interest rate?

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Finance Basics: Future value of an ordinary annuity

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