Final answer:
To calculate the future value of an annuity with a $930 payment over five years at an interest rate of 9%, the future value is $5,389.25.
Step-by-step explanation:
To calculate the future value of an annuity, we can use the formula:
Future Value = Annuity Payment x [(1 + Interest Rate)^Number of Periods - 1] / Interest Rate
Plugging in the given values: Annuity Payment = $930, Interest Rate = 9%, Number of Periods = 5 years, we can calculate the future value as follows:
Future Value = $930 x [(1 + 0.09)^5 - 1] / 0.09 = $5,389.25