Final answer:
The future value of the annuity is $3,860.36.
Step-by-step explanation:
To find the future value of an annuity, we can use the formula:
Future Value = Payment × ((1 + Interest Rate)Number of Years - 1) / Interest Rate
In this case, the payment is $700, the interest rate is 14%, and the number of years is 5:
Future Value = 700 × ((1 + 0.14)5 - 1) / 0.14
Simplifying the expression gives:
Future Value = $3,860.36