Question

If​ $1000 is deposited at the end of each year for 5 years into an ordinary annuity earning 7.59​% compounded​ annually, construct a balance sheet showing the interest earned during each year and the balance at the end of each year.

Complete the balance sheet.

Period	Amount	Interest	Balance
1	​$1000.00	​	​
2	​$1000.00	​	​
3	​$1000.00	​	​
4	​$1000.00	​	​
5	​$1000.00	​	​

​(Round to the nearest cent as​ needed.)

Answer 1

Period	Amount	Interest (balance*7.59%)	Balance
1	$             1,000.00	$                     -	$             1,000.00
2	$             1,000.00	$              75.90	$             2,075.90
3	$             1,000.00	$           157.56	$             3,233.46
4	$             1,000.00	$           245.42	$             4,478.88
5	$             1,000.00	$           339.95	$             5,818.83