The amount you will have after making 5th deposit is .
Further Explanation:
Annuity is a series of payment that is made after equal interval of time.
Future value of annuity of payment for year if the return is can be expressed as,
Given:
The rate of return is .
Yearly payment is for years.
Calculation:
Substitute for , for and for to obtain the amount after deposit.
Hence, the amount you will have after making deposit is .
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Answer details:
Grade: High School
Subject: Mathematics
Chapter: Investment and return
Keywords: Europe, years from now, deposit, save, mutual fund, beginning one year from today, under these condition, return, interest rate, interest rate per year, deposit, future value, annuity.