Sabrina deposits $800 in an account today and at the end of each year for 3...
Sabrina deposits $800 in an account today and at the end of each year for 3 more years. If the account pays 6% interest annually, how much money will be in Sabrina's account 4 years from today?
The future value of the annuity due is
Homework Answers
Future value of annuity due=(1+rate)*Annuity[(1+rate)^time period-1]/rate
=1.06*800[(1.06)^4-1]/0.06
=800*4.63709296
=$3709.67(Approx).
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