Please help me solve this question.
Find the value of the annuity.
a=1000 I=0.06,n=25?
what is the future value of annuity?
(round to the nearest cent.)
Present value = 1000( 1 - 1.06^-25)/.06
= 12783.36
future value of annutiy = 1000( 1.06^25 - 1)/.06
= 54864.51