Welcome to Westonci.ca, where curiosity meets expertise. Ask any question and receive fast, accurate answers from our knowledgeable community. Ask your questions and receive detailed answers from professionals with extensive experience in various fields. Explore comprehensive solutions to your questions from a wide range of professionals on our user-friendly platform.
Sagot :
[tex]~~~~~~~~~~~~\underset{\textit{payments at the end of the period}}{\textit{Future Value of an ordinary annuity}}\\ \\\\ A=pymnt\left[ \cfrac{\left( 1+\frac{r}{n} \right)^{nt}-1}{\frac{r}{n}} \right] \\\\\\ ~~~~~~ \begin{cases} A=\textit{accumulated amount} \\ pymnt=\textit{periodic payments}\dotfill &\$5000\\ r=rate\to 4\%\to \frac{4}{100}\dotfill &0.04\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{annually, thus once} \end{array}\dotfill &1\\ t=years\dotfill &12 \end{cases}[/tex]
[tex]A=5000\left[ \cfrac{\left( 1+\frac{0.04}{1} \right)^{1\cdot 12}-1}{\frac{0.04}{1}} \right]\implies A=5000\left( \cfrac{1.04^{12}~~ - ~~1}{0.04} \right) \\\\[-0.35em] ~\dotfill\\\\ ~\hfill A\approx 75129.03~\hfill[/tex]
Thanks for using our platform. We aim to provide accurate and up-to-date answers to all your queries. Come back soon. We hope this was helpful. Please come back whenever you need more information or answers to your queries. Westonci.ca is your go-to source for reliable answers. Return soon for more expert insights.