Question

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

Answer 1

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

Answer 2

I got the same answer :D

Answer 3

what answer did you get

Answer 4

20,878.69

Answer 5

good, me too