want to buy a condo 5 years from now, and plant to save $5000 per year,...
want to buy a condo 5 years from now, and plant to save $5000 per year, beginning one year from today. the money will be deposited in an account that pays 6% interest. how much will you have just after you make the 5th deposit, 5 years from now
Homework Answers
Future value of annuity= payment per period * [(1+i)^n-1]/i
i = interest rate per period
n = number of periods
=>
Future value = 5000 * [(1+0.06)^5 - 1]/0.06
= 28185.47
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want to buy a condo 5 years from now, and plant to save $5000
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