Fiona deposits $4,000 at the end of each year in an account earning 2.15% interest, compounded annually. What is the future valu e of this annuity after 5 years of investing
1 answer:
The formula of the future value of annuity ordinary Fv=pmt [(1+r)^(n)-1)÷r] Fv future value Pmt payment per year 4000 R interest rate 0.0215 N time 5 years Fv=4,000×(((1+0.0215)^(5)−1)÷(0.0215)) fv=20,878.69
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