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    FUTURE VALUE OF ANNUITY

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    If a company wants to have $100,000 in a contingency fund 10 years from now, the amount the company must deposit each year in years 1 through 5, at an interest rate of 10% per year, is closest to?

    A. Less than $8,000
    B. $8,420
    C. $9,340
    D. MORE THAN $10,000

    © BrainMass Inc. brainmass.com June 3, 2020, 6:08 pm ad1c9bdddf
    https://brainmass.com/business/annuity/future-value-of-annuity-49236

    Solution Preview

    First we will find the Value of the fund at 5 th year= ...

    Solution Summary

    This gives the steps to calculate the FUTURE VALUE OF ANNUITY

    $2.19

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