Hi .. I was going thru TVM n faced the following problem while solving a sum. Please help :
These questions have been taken from Schweser notes
1)What is the future value of an ordinary annuity that pays $150.00 per year at the end of each of the next 15years, given the investment is expected to earn a 7% rate of return ?calculate FV?
from the info , we get : N= 15, I/Y=7%. PMT = -150.
we have to calculate FV..but do we have any formula to calculate FV if PMT is given ? i cudnt find newhere..
if theres a formula to calculate PV n FV using PMT, then leme know.
