Time value of money calculations can be solved using a mathematical equation, a financial calculator, or a spreadsheet. Which of the following equations can be used to solve for the future value of an ordinary annuity?
a. PMT/r
b. PMT x {[ (1 + r) ^n - 1]/r} x (1 + r)
c. PMT x {1 - [1 / (1 + r) ^n]}/r
d. PMT x {[ (1 + r) ^n - 1]/r)
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