Question: You can save $4,000 per year for the next five years, at the start of each year, in an account earning 6 percent per year.
You can save $4,000 per year for the next five years, at the start of each year, in an account earning 6 percent per year. How much will you have at the end of the fifth year if you make the first deposit today? (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16))
Step by Step Solution
3.45 Rating (152 Votes )
There are 3 Steps involved in it
To calculate the future value of an annuity we can use the formula FV PMT ... View full answer
Get step-by-step solutions from verified subject matter experts
