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.

Question

anonymous · Answer

do you know the equation youre going to need to use?

anonymous · Answer

A=P(1+r/n)^nt

anonymous · Answer

A=R(1+r/m)^mt-1/r/m

anonymous · Answer

ok, if you have the equation, just plug in the values you have

anonymous · Answer

I know the answers that I keep getting are not correct.

anonymous · Answer

what did you get? i got $6,455.65

anonymous · Answer

I got 6,332.72.

anonymous · Answer

can you tell if my answer is correct? you may be putting your parenthesis in the wrong place

anonymous · Answer

Yes when I find out I will reply!

anonymous · Answer

@luvspi The answer was 50312!