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A bank account pays 1.5% per year with annual compounding. You plan to deposit $25,000 per...

Question

A bank account pays 1.5% per year with annual compounding. You plan to deposit $25,000 per...

A bank account pays 1.5% per year with annual compounding. You plan to deposit $25,000 per year for each of the next 5 years. If the first payment occurs 1 year from today, how much money will be in the account 5 years from now, immediately following your last deposit?

The answer is $128,806.67 - I just don't know how to get it.

Answers

FVOrdinary Annuity = C*(((1 + i )^n -1)/i)
C = Cash flow per period
i = interest rate
n = number of payments
FV= 25000*(((1+ 1.5/100)^5-1)/(1.5/100))
FV = 128806.67


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