How much will $5,000 invested at the end of each year grow to in six years,assuming an interest rate of 7% compounded annually?

Name: How much will $5,000 invested at the end of each year grow to in six years,assuming an interest rate of 7% compounded annually?
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Question

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The future value of an annuity formula is used to calculate the total amount: FV = P * [(1 + r)^n - 1] / r, where P = $5,000, r = 0.07, and n = 6. Plugging in these values gives approximately $35,766.

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