Homework Answers
Future value annuity formula can be used here. However, deposits are made for 27 years and future value is required after 35 years. So, the total value of annuity must be accumulated for more 8 years.
The future value is calculated below:
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Derek will deposit $3,048.00 per year for 10.00 years into an account that earns 13.00%. Assuming the first deposit is made 6.00 years from today, how much will be in the account 38.00 years from today? #1 Submit Answer format: Currency: Round to: 2 decimal places.
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