Future Value / Annuity
An ordinary annuity
Is a series of payments made at the end of each period in the series. Therefore, the formula for the future value of an ordinary annuity refers to the value on a specific future date of a series of periodic payments, where each payment is made at the end of a period
The future value of an annuity
Is the value of a group of recurring payments at a specified date in the future; these regularly recurring payments are known as an annuity. The future value of an annuity measures how much you would have in the future at a specified rate of return or discount rate.