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If you deposit $6,100 at the end of each of the next 15 years into an account paying 11.3 percent interest, how much money will you have in the account in 15 years? (Do not round intermediate calculations and round your final answer to 2 decimal places, e.g., 32.16.)

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AyAyCapitan

Answer:

$214.972,22

Explanation:

The future value of an annuity of $6100 for 15 years at an 11,3% rate.

[tex]\frac{(1+0.113)^{15}-1 }{0.113} * 6,100 = 214,972.22[/tex]

Let's remember that an annuity is when a person deposits the same amount of cash for several periods. When trying to calculate the money at the end of the annuity, we are doing future value. If you are trying to get the value fo the annuity today, it will be the present value.