Claudine Corporation will deposit $5,000 into a money market account at the end of each year for the next five year...

Question

Question

Answer 1

Answer #1

Future Value of Annuity = Annuity* [{(1+rate)^time period}-1]/rate

= $ 5000 * [{(1+9%)^5}-1]/9%

= 29,923.55

= $ 29,924

Hence the correct answer is $ 29,924

Answer 2

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