Question

To save money for a sabbatical to earn a master’s degree, you deposit $2000 at the end of each year in an annuity that pays 7.5% compounded annually. a) How much will you have saved at the end of five years? b) Find the interest.

Answer 1

The amount he will have at the end of five years is $11,616.8

Interest on the amount is $1,616.8

Explanation:

Kindly check the attached picture for explanation.