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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?

  • one year ago
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  1. ParthKohli
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    Oops ^

    • one year ago
  2. ParthKohli
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    \( \color{Black}{\Rightarrow 5000(1 + 0.0245)^5 }\) This isn't simple interest :)

    • one year ago
  3. hiralee
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    Whats the answer?

    • one year ago
  4. ZhangYan
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    anyway \[5,000(1+0.0245)^{5}\]

    • one year ago
  5. ZhangYan
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    \[5,000(1.0245)^{5}\]

    • one year ago
  6. hiralee
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    ooooo ok!!

    • one year ago
  7. hiralee
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    Thanks guys!

    • one year ago
  8. ZhangYan
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    \[5,000*1.04960025 \]

    • one year ago
  9. 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

    • one year ago
  10. ZhangYan
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    oh ok

    • one year ago
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