Find the future value of the annuity. To save for retirement, Mort put $3000 at the end

Question:

Find the future value of the annuity.

To save for retirement, Mort put $3000 at the end of each year into an ordinary annuity for 20 yr at 1.5% annual interest. At the end of year 20, what was the amount of the annuity?

Annuity
An annuity is a series of equal payment made at equal intervals during a period of time. In other words annuity is a contract between insurer and insurance company in which insurer make a lump-sum payment or a series of payment and, in return,... Future Value
Future value (FV) is the value of a current asset at a future date based on an assumed rate of growth. The future value (FV) is important to investors and financial planners as they use it to estimate how much an investment made today will be worth...

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