Since payments of an ordinary annuity are made at the end of a period and the last payment does not earn interest;
FVOA =A ∗ r(1+r)n−1
rate compounded monthly = 120.06 = 0.005 interest p.m
FVOA =300,000 ∗ 0.005(1+0.005)24−1 = 25,431.96
The future value of ordinary annuity will be $25,431.96
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