At the end of every year you deposit $2,000 into an account that earns 6% interest...

At the end of every year you deposit $2,000 into an account that earns 6% interest per year. What will be the balance in your account immediately after the 30th deposit?

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Expert Solution

Future value of annuity=Annuity[(1+rate)^time period-1]/rate

=2000[(1.06)^30-1]/0.06

=2000*79.0581862

which is equal to

=$158116.37(Approx)

jeff jeffy answered 2 years ago

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