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    Future Value of Annuity

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    Need help solving the following problem:

    Deposited $3,000 at the end of each of the next 20 years into an account paying 10.5% interset, how much money will I have in 20 years, and have if I make deposits for 40 years?

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    Solution Preview

    We need to find the future value of annuity. The formula is
    FV = PMT X ...

    Solution Summary

    The solution explains how to calculate the future value of an annuity