IDNLearn.com provides a collaborative platform for sharing and gaining knowledge. Find the answers you need quickly and accurately with help from our knowledgeable and experienced experts.
Sagot :
Answer:
Given that,
Payments of $5,000 at the end of each year for 15 years at 8% interest compounded annually.
P=5000
n=15
r=8%
That is: r=0.08
From the definition of annuity, we have that
[tex]FV=P(\frac{(1+r)^n-1}{r})[/tex]where FV is the future value and r is the interest.
Substitute the values we get,
[tex]FV=5000(\frac{(1+0.08)^{15}-1}{0.08})[/tex]Solving this using calculator we get,
[tex]FV=135760.57[/tex]Answer is: $135760.57
Thank you for contributing to our discussion. Don't forget to check back for new answers. Keep asking, answering, and sharing useful information. Your questions deserve accurate answers. Thank you for visiting IDNLearn.com, and see you again for more solutions.
