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?
We need to find the future value of annuity. The formula is
FV = PMT X ...
The solution explains how to calculate the future value of an annuity