You can save $6,000 per year for the next two years in an account earning 6...
You can save $6,000 per year for the next two years in an account earning 6 percent per year. How much will you have at the end of the second year if you make the first deposit today? (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16))
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Homework Answers
Future value of annuity due=(1+interest rate)* Annuity[(1+rate)^time period-1]/rate
=1.06*6000[(1.06)^2-1]/0.06
=$6000*2.1836
which is equal to
=$13101.60
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