## Question

###### You will deposit 600 per year into an account that earns 4.0% per year. How much...

You will deposit 600 per year into an account that earns 4.0% per year. How much will you have in the account 3 years from now? Round your answer to 2 decimals, for example 100.21

## Answers

Value of investment 3 years from now= Annuity*Future Value of annuity of 1 = $ 600 * 3.1216 = $ 1,872.96Working: Future value of annuity of 1 = (((1+i)^n)-1)/i Where, = (((1+0.04)^3)-1)/0.04 i 4% = 3.1216 n 3

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