SOLUTION: Please help! $1500 deposited at the beginning of each year for 15 years at 5% compounded annually. Find the future value of the annuity due.

SOLUTION: Please help! $1500 deposited at the beginning of each year for 15 years at 5% compounded annually. Find the future value of the annuity due.

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Question 581412: Please help!
$1500 deposited at the beginning of each year for 15 years at 5% compounded annually. Find the future value of the annuity due.
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
FV=(P((1+i)^n-1))/(i)(1-i)
FV=(1500((1.05)^15-1)/(0.05)(0.95)
FV=(1500((2.079)-1)/(0.05)(0.95)
FV=1500*1.079)/(0.05)(0.95)
FV=1618.50/0.05(0.95)
FV=32370(0.95)
FV=$30,751.50
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