You plan to deposit $2,000 per year for 5 years into a money market account with...
You plan to deposit $2,000 per year for 5 years into a money market account with an annual return of 3%. You plan to make your first deposit one year from today.
- What amount will be in
your account at the end of 5 years? Do not round intermediate
calculations. Round your answer to the nearest cent.
$
- Assume that your deposits will begin today. What amount will be in your account after 5 years? Do not round intermediate calculations. Round your answer to the nearest cent.
Homework Answers
a.Future value of annuity=Annuity[(1+rate)^time period-1]/rate
=$2000[(1.03)^5-1]/0.03
=$2000*5.30913581
=$10618.27(Approx).
b.Future value of annuity due=Future value of annuity*(1+rate)
=10618.27*1.03
=$10936.82(Approx).
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