In the context of annuities, the future value (FV) is typically measured at the time of the last payment. This means that if you have an ordinary annuity, where payments are made at the end of each period, the FV is calculated assuming that the last payment occurs at the end of the final period.
To clarify:
- Ordinary Annuity: Payments are made at the end of each period. The future value is calculated after the last payment is made.
- Annuity Due: Payments are made at the beginning of each period. The future value is usually calculated at the end of the term as well but accounts for the additional interest earned on the initial payment made at the beginning of the period.
In both cases, when determining the future value, calculations typically consider the cumulative effect of all payments made up to and including the last payment, along with the interest accrued on those payments up to that point. If you have specific values or a scenario in mind, feel free to share, and I can help with the calculations!