# Time value of money concepts: Ordinary annuity

!. You want to buy a car but you are $5,000 short. If you invest $2,350.00 at an annual interest rate of 12%, how long will it take you to purchase the car?

3. What is the future value of a 5-year ordinary annuity with annual payments of $2500, evaluated at 15% interest rate?

© BrainMass Inc. brainmass.com October 10, 2019, 1:44 am ad1c9bdddfhttps://brainmass.com/business/annuity/time-value-money-concepts-ordinary-annuity-346757

#### Solution Preview

Please see the attached file.

1. You want to buy a car but you are $5,000 short. If you invest $2,350.00 at an annual interest rate of 12%, how long will it take you to purchase the ...

#### Solution Summary

Response discusses Time value of money concepts: Ordinary annuity

$2.19