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dybincka [34]
3 years ago
6

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
Mathematics
1 answer:
7nadin3 [17]3 years ago
7 0
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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