You own a contract that promises an annuity cash flow of $100 end-of-the-year cash flows for each of the next three years (note: the first cash flow is exactly one year from today)
At an interest rate of 10%, what is the future value of this contract exactly three years from today?
A) $248.69
B) $273.55
C) $331.00
D) $364.10
C
Explanation: C) Via Calculator: N = 3, I = 10, PMT = 100, Solve for FV =331.00.
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