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Correct 4 Medal [Work Is Shown] Fiona deposits $4,000 at the end of each year in an account earning 2.15% interest, compounded annually. What is the future value of this annuity after 5 years of investing? $20,878.69 $22,975.90 $23,682.00 $26,409.50 *My Work* http://www.wolframalpha.com/input/?i=4000%28%281%2B.0215%29%5E5-1%29%2F.0215
Use the formula FV = P((1+r/n)^(n*t) - 1 )/( r/n ) In this case, P = 4000 r = 0.0215 (2.15% = 2.15/100 = 0.0215) n = 1 t = 5
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