The accountant have upon retirement $336,509.63
What is the future value of an annuity?
The accumulated balance in the accountant's retirement account upon retirement is the future value of $6,000 invested for 3 years earning 4% annual rate of return using the future value formula of an ordinary annuity as shown below:
FV=PMT*(1+t)^N-1/r
FV=accumulated balance after 30 years=unknown
PMT=annual investment=$6,000
r=rate of return=4%
N=number of annual investments in 30 years=30
FV=$6000*(1+4%)^30-1/4%
FV=$336,509.63
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