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12 May, 15:22

Alexa plans on saving $3,000 a year and expects to earn an annual rate of 10.25 percent. how much will she have in her account at the end of 45 years

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  1. 12 May, 15:39
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    Hi there

    To find the future value of annuity ordinary the formula is

    Fv=pmt [ (1+r) ^ (n) - 1) : r]

    Fv future value?

    PMT payment per year 3000

    R interest rate 0.1025

    N time 45 years

    So

    Fv=3,000 * (((1+0.1025) ^ (45) - 1)

    : (0.1025)) = 2,333,571.66

    Good luck!
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