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05-02-2020
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Sara Beth made annual deposits of $5,000 in an account that paid 4 percent compounded annually. How much money should be in the account immediately after her tenth deposit?

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andromache andromache

05-02-2020

Answer:

$60,030.54

Explanation:

In this question, we use the FV formula that is presented in the spreadsheet.

The NPER shows the time period.

Given that,

Present value = $0

PMT = Monthly payments = $5,000

NPER = 10

Rate of interest = 4%

The formula is presented below:

= -FV(Rate;NPER;PMT;PV;type)

So, after solving this, the future value is $60,030.54

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