Читать книгу Fundamentals of Financial Instruments - Sunil K. Parameswaran - Страница 107

Similarly, we can compute the future value of a level annuity that makes N payments, by compounding each cash flow until the end of the last payment period.

Therefore,

is called the Future Value Interest Factor Annuity (FVIFA). This is the future value of an annuity that pays $1 per period for N periods, where interest is compounded at the rate of r% per period. The advantage once again is that if we know the factor, we can calculate the future value of any annuity that pays $A per period.