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1 of 8 0-day streak

Solve for present or future value with regular cash flows

Question 1 of 8

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a scholarship annuity fund has an opening balance of $60,000

Interest is calculated at a nominal annual rate of 9.0% compounded annually. At the end of every year, a withdrawal of $8,937.93 is made. The interest is applied before the end-of-period withdrawal

After 2 years, find the fund balance

2 marks

What is the fund balance after 2 years? Give the answer to the nearest cent

Format: the nearest cent