Suppose that you earned a bachelor's degree and now you're teaching high school. The school district offers teachers the opportunity to take a year off to earn a master's degree. To achieve this goal, you deposit $2000 at the end of each year in an annuity that pays 6% compounded annually.

a. How much will you have saved at the end of five years? 

b. Find the interest.

Answer rating: 100% (QA)

a To calculate the total amount saved at the end of five years use the formula for the future value ... View the full answer