## Question

###### 4. Janet plans on saving $3,000 a year and expects to earn 8.5%. How much will...

4. Janet plans on saving $3,000 a year and expects to earn 8.5%. How much will Janet have | Jat the end of twenty-five years if she earns what she expects on this ordinary annuity?

## Answers

Formula for FV of annuity = Payment * [(1 + Interest rate)^No of payment - 1]/Interest rate

FV at the end of 25 years = 3000*((1.085)^25-1)/0.085 =

236003.38Hence Janet will have $236003.38 at the end of 25 years.

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