How much money would be accumulated 18 years from now from deposits of $10,000 per year...

How much money would be accumulated 18 years from now from deposits of $10,000 per year for 5 consecutive years, starting 5 years from now, if the interest rate is 9% per year?

The amount that would be accumulated is?

Expert Solution

We use the formula:
A=P(1+r/100)^n
where
A=future value
P=present value
r=rate of interest
n=time period.

A=10,000*(1.09)^13+10,000*(1.09)^12+10,000*(1.09)^11+10,000*(1.09)^10+10,000*(1.09)^9

=$129981.53(Approx)

jeff jeffy answered 2 years ago

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How much money would be accumulated 18 years from now from deposits of $10,000 per year...

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