Question

after 5 annual deposits of $1000 at 10% compounded annually. find the amount of annuity

Answer 1

i got 605016.695

Answer 2

Nop its 1610.51...

Answer 3

why?

Answer 4

because m=P(1+i)^n where M is the annunity and i is the interest rate and n is the period...so solve for m...

Answer 5

i set it up like A=P{(1+i)^n-1/i}

Answer 6

so it would be 1000{1+.10/60)^5/.10/60}

Answer 7

but obviously i got some numbers wrong