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hiralee

  • 3 years ago

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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  1. ParthKohli
    • 3 years ago
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    Oops ^

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

  3. hiralee
    • 3 years ago
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    Whats the answer?

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

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

  6. hiralee
    • 3 years ago
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    ooooo ok!!

  7. hiralee
    • 3 years ago
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    Thanks guys!

  8. ZhangYan
    • 3 years ago
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    \[5,000*1.04960025 \]

  9. hiralee
    • 3 years ago
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    the options it gives me for answers are - 13,127.69 26,255.38 52,510.76 25,256.20

  10. ZhangYan
    • 3 years ago
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    oh ok

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