find the future value of the following ordinary annuites payment are made and invest compounded as given $1000,9% compounded annunally 25 yearsmt

Question

r=$1000, 9% compounded annul for 25 years

Answer 1

future value=$1000×1.09²⁵+$1000×1.09²⁴+...+$1000×1.09, assuming that the first payment is made today, and the 25th at the start of year 25.

future value=$1000×(1.09²⁶-1.09)/(1.09-1)=$1000×92.32397689

=$92323.97689