Derek will deposit $2,969.00 per year for 17.00 years into an account that earns 12.00%. The...
Derek will deposit $2,969.00 per year for 17.00 years into an account that earns 12.00%. The first deposit is made today. How much will be in the account 17.0 years from today? Note that he makes 17.0 total deposits.
Homework Answers
| FVAnnuity Due = c*(((1+ i/100)^n - 1)/i)*(1 + i/100) |
| C = Cash flow per period |
| i = interest rate |
| n = number of payments |
| FV= 2969*(((1+ 12/100)^17-1)/(12/100))*(1+12/100) |
| FV = 162551.9 |
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