Question

You plan to deposit $5,200 at the end of each of the next 15 years into an account paying 11.3 percent interest. a. How much will you have in your account if you make deposits for 15 years

Answer 1

Amount after 15 years = 183255.011

Step-by-step explanation:

Below is the calculation to find the amount after 15 years:

Annuity amount or early deposited amount = $5200

Time period = 15 years

Interest rate = 11.3 %

Now we have to find the amount after 15 years:

Amount after 15 years = Annuity [((1 + r)^n - 1) / r ]

Amount after 15 years = 5200 [((1 + 11.3)^15 - 1) / 11.3% ]

Amount after 15 years = 183255.011