You deposit $3000 each year into an account earning 3% interest compounded annually. How much will...

You deposit $3000 each year into an account earning 3% interest compounded annually. How much will you have in the account in 25 years? $

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Expert Solution

Future value of an ordinary annuity = P{[(1 + r)^n - 1] / r}

Future value of an ordinary annuity = $3000{[(1 + 0.03)^25 - 1] / 0.03}

Future value of an ordinary annuity = $109,377.79

jeff jeffy answered 1 year ago

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You deposit $3000 each year into an account earning 3% interest compounded annually. How much will...

Solutions

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