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Derek will deposit $2,969.00 per year for 17.00 years into an account that earns 12.00%. The...

Question

Derek will deposit $2,969.00 per year for 17.00 years into an account that earns 12.00%. The...

Derek will deposit $2,969.00 per year for 17.00 years into an account that earns 12.00%. The first deposit is made today. How much will be in the account 17.0 years from today? Note that he makes 17.0 total deposits.

Answers

FVAnnuity Due = c*(((1+ i/100)^n - 1)/i)*(1 + i/100)
C = Cash flow per period
i = interest rate
n = number of payments
FV= 2969*(((1+ 12/100)^17-1)/(12/100))*(1+12/100)
FV = 162551.9


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