anonymous
  • anonymous
You deposit $4,000 at the end of each year into an ordinary annuity with an interest rate of 5% compounded annually. What will be the value of the annuity after 10 years? Do not round until the final answer; then round to the nearest dollar as needed.
Mathematics
jamiebookeater
  • jamiebookeater
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Compassionate
  • Compassionate
\(\Huge{\color{purple}{\textbf{W}} \color{orange}{\cal{E}} \color{green}{\mathbb{L}} \color{blue}{\mathsf{C}} \color{maroon}{\rm{O}} \color{red}{\tt{M}} \color{gold}{\tt{E}} \space \color{orchid}{\mathbf{T}} \color{Navy}{\mathsf{O}} \space \color{OrangeRed}{\boldsymbol{O}} \color{Olive}{\mathbf{P}} \color{Lime}{\textbf{E}} \color{DarkOrchid}{\mathsf{N}} \color{Tan}{\mathtt{S}} \color{magenta}{\mathbb{T}} \color{goldenrod}{\mathsf{U}} \color{ForestGreen}{\textbf{D}} \color{Salmon}{\mathsf{Y}} \ddot \smile }\) $4000 +5%+5%+5%+5% etc 10 times $6205 or $6516
jdoe0001
  • jdoe0001
hmmm, I was under the impression she was depositing 4000 each year, over 10 years with no simple interest, would be 40,000
anonymous
  • anonymous
im still confused on what to do

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