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Question 24.2: ANNUITY OF UNIFORM SERIES What is the future worth of USD 20...

ANNUITY OF UNIFORM SERIES

What is the future worth of USD 20,000 invested by a city each year for 5 years at an interest rate of 3% compounded annually?

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A = (R/i)[(1 + i)^{n} − 1].
A = (20,000/0.03)[(1 + 0.03)^{5} − 1] = USD 106,180.27.

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