The future value of an ordinary annuity is the accumulated value of each annuity payment excluding interest as of the date of the final payment.

Name: The future value of an ordinary annuity is the accumulated value of each annuity payment excluding interest as of the date of the final payment.
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The future value of an ordinary annuity includes interest earned on each annuity payment, so it is the accumulated value of each annuity payment plus interest as of the date of the final payment.

The Future Value of an Ordinary Annuity Is the Accumulated