Question $8$

$10$ pts

Mr$.$ Front Line has decided to start saving for his son's college education by depositing $$50,000$ at the end of every year for $6$ years. A bank has agreed to pay interest at the rate of $4\%$ compounded annually. How much will Steve have in the bank immediately after his last deposit?

Time Value of Money Table Factors:

present value of annuity, period $=6,$ interest rate $=4\%$:$5\mathrm{.}24214$

present value of $$1,$ period $=6,$ interest rate $=4\%$:$\mathrm{.}79031$

future value of annuity, period $=6,$ interest rate $=4\%$:$6\mathrm{.}6330$

future value of $$1,$ pericid $=6,$ interest rate $=4\%$:$1\mathrm{.}26532$

present value of annuity, period $=12,$ interest rate $=2\%$:$10\mathrm{.}57534$

present value of $$1,$ period $=12$ interest rate $=2\%$:$\mathrm{.}78849$

future value of annuity, period $=12,$ interest rate $=2\%$:$13\mathrm{.}4121$

future value of $$1,$ period $=12,$ interest rate $=2\%$:$1\mathrm{.}26824$

'Round your answer to a whole number.