Final answer:
The future value of a series of deposits at a compound interest rate can be calculated using the formula for the future value of an annuity due, considering the payment amount, interest rate, and number of periods.
Step-by-step explanation:
The student is asking about the future value of a series of deposits made at a compound interest rate. To address this question, we'll utilize the formula for the future value (FV) of an annuity when the payments are made at the beginning of each period, which is often used in financial mathematics and accounting. In our scenario, the deposits total to 17, with each deposit being $3,710, compounded at a rate of 10% annually.
FV = Payment × [((1 + interest rate)^number of periods - 1) / interest rate] × (1 + interest rate)
Following this formula and rounding factor values to five decimal places and the final answer to no decimal places would give us the precise future value as of the end of the 17th period.
Note that compound interest entails the calculation of interest on the initial principal and the accumulated interest from previous periods, which is different from simple interest that only considers the principal amount.