2. What is the future value of an annuity retirement account if you deposit $2500 every...
2. What is the future value of an annuity retirement account if you deposit $2500 every year for 35 years? Assume the interest rate is 5.5% per year.
Homework Answers
Future value of annuity=Annuity[(1+rate)^time period-1]/rate
=2500[(1.055)^35-1]/0.055
=2500*100.251364
=$250628.41(Approx).
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