Finite math

Consider the following annuity scheme: regular payments of $200 are made every two months at the end of the month (in other words, there are six equally spaced payments over the year) into an account with a nominal rate of 6% compounded monthly. Note, this is not an ordinary annuity or an annuity due. What is the value of the annuity in 10 years? What is the present value of the annuity?

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asked by Johnny
  1. Find the amount (future value) of the ordinary annuity. (Round your answer to the nearest cent.)
    $750/month for 18 years at 7%/year compounded monthly

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