hiralee

Jessica deposits $5,000 at the end of each year in an account earning 2.45% interest, compounded annually. What is the future value of this annuity after 5 years of investing?

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ParthKohli

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Oops ^

ParthKohli

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\( \color{Black}{\Rightarrow 5000(1 + 0.0245)^5 }\)
This isn't simple interest :)

hiralee

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Whats the answer?

ZhangYan

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anyway \[5,000(1+0.0245)^{5}\]

ZhangYan

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\[5,000(1.0245)^{5}\]

hiralee

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ooooo ok!!

hiralee

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Thanks guys!

ZhangYan

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\[5,000*1.04960025 \]

hiralee

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the options it gives me for answers are -
13,127.69
26,255.38
52,510.76
25,256.20

ZhangYan

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oh ok