With deposits of $5,000 at the end of each year,you will have accumulated $38,578 at the end of the sixth year if the annual rate of interest is 10%.

Name: With deposits of $5,000 at the end of each year,you will have accumulated $38,578 at the end of the sixth year if the annual rate of interest is 10%.
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Question

Quizplus · Accepted Answer

Future Value of an Annuity = Annuity * Interest Factor
Future Value of an Annuity = $5,000 * 7.7156 = $38,578
7.7156 is the interest factor on the Future Value of an Annuity table; n = 6; i = 10%

With Deposits of $5,000 at the End of Each Year,you