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Five annual deposits in the amounts of ​$14 comma 000​, ​$12 comma 000​, ​$10 comma 000​, ​$8 comma 000​, and ​$6 comma 000​, in that​ order, are made into a fund that pays interest at a rate of 6​% compounded annually. Determine the amount in the fund immediately after the fifth deposit.

Respuesta :

Answer:

$57,682.68

Explanation:

The computation of the amount  in the fund immediately after the fifth deposit is shown below:

=  Annual deposit × (1 + interest rate)^period + Annual deposit × (1 + interest rate)^period +  Annual deposit × (1 + interest rate)^period + Annual deposit × (1 + interest rate)^period + Annual deposit

= $14,000 × (1 + 0.06)^4 +  $12,000 × (1 + 0.06)^3 +  $10,000 × (1 + 0.06)^2 +  $8,000 × (1 + 0.06)^1 + $6,000

= $17,674.68 + $14,292 + $11,236  + $8,480 + $6,000

= $57,682.68

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