Find the future value of the ordinary annuity rounded to the nearest cent. If Bob deposits...
Find the future value of the ordinary annuity rounded to the nearest cent. If Bob deposits $5000 at the end of each year for 9 years in an account paying 6% interest compounded annually, find the amount he will have on deposit.
Homework Answers
Future value of annuity=Annuity[(1+rate)^time period-1]/rate
=5000[(1.06)^9-1]/0.06
=5000*11.491316
which is equal to
=$57456.58(Approx).
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