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Derek will deposi$7,310.00 per year for 19.00 years into an account that earns 7.00 %, The first deposit is made next year. H
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Answer #1

Future Value of an annuity =   PMT * [ (1+r)^n - 1 ] / r

PMT = 7310.00

r = 7.00%

n = 37 Years

So, Future Value of an annuity = 7310*[ (1+.007)^37 - 1] / .007 = 398,055.71

Hence, 398,055.71 will be in the account after 37 Years.

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