April 19th, 2019, 03:07 PM  #11 
Math Team Joined: Jul 2011 From: Texas Posts: 3,003 Thanks: 1588 
C/Y = 1 means only compounded once per year ... does the original question state the compounding period? I don't see any reference to it in your first post.

April 19th, 2019, 05:38 PM  #12 
Member Joined: Jan 2019 From: tornto Posts: 48 Thanks: 0  
April 22nd, 2019, 02:19 PM  #13 
Member Joined: Jan 2019 From: tornto Posts: 48 Thanks: 0 
what type of annuity is this Is THIS CONSIDERED AS AN ordinary annuity or annuity due? Future Value: $31,185.86 Total dep/pmts: $24,000.00 Interest earned: $7,185.86 THANKS 
April 22nd, 2019, 06:58 PM  #14 
Math Team Joined: Oct 2011 From: Ottawa Ontario, Canada Posts: 14,597 Thanks: 1038 
Monthly annuity due: payment starts immediately; beginning of month (like rent) Ordinary annuity: payment starts 1 month later; end of month (like mortgage pay't) 

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