Problem 9-27 Annuity due [LO9-4] Annuity payments are assumed to come at the end of each payment period (termed an ordin

[answerhappygod]

Problem 9-27 Annuity due [LO9-4]
Annuity payments are assumed to come at the end of each payment
period (termed an ordinary annuity). However, an exception occurs
when the annuity payments come at the beginning of each period
(termed an annuity due).
What is the future value of a 13-year annuity of $2,800 per
period where payments come at the beginning of each period? The
interest rate is 9 percent. Use Appendix C for an
approximate answer, but calculate your final answer using the
formula and financial calculator methods. To find the future value
of an annuity due when using the Appendix tables, add 1
to n and subtract 1 from the tabular value. For
example, to find the future value of a $100 payment at the
beginning of each period for five periods at 10 percent, go to
Appendix C for n = 6 and i =
10 percent. Look up the value of 7.716 and subtract 1 from it for
an answer of 6.716 or $671.60 ($100 × 6.716). (Do not
round intermediate calculations. Round your final answer to 2
decimal places.)