8 years ago you started making annual deposits of $477 into an account paying 8% annual...
8 years ago you started making annual deposits of $477 into an account paying 8% annual return. You continue to make these deposits every year without fail. If you keep doing this every year for the next 9 years, how much money will you have in 9 years?
Homework Answers
Annual Deposit = $477
Interest Rate = 8%
Time of Deposit = 17 years
Future Value of Annuity = P[((1+r)n - 1)/r]
Future Value = 477[((1.08)17 - 1)/0.08]
Future Value = $16,098.86
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