SOLUTION: suppose that you earned a bachelor's degree and now you're teaching high school. the school district offers teachers the opportunity to take a year off to earn a masters degree. To

Question 1039604: suppose that you earned a bachelor's degree and now you're teaching high school. the school district offers teachers the opportunity to take a year off to earn a masters degree. To achieve this goal, you deposit $2000 at the end of each year into an annuity that pays 7.5% compounded annually.
A.how much will you have saved at the end of 5 years?
b. Find the interest.
Answer by addingup(3677) (Show Source): You can put this solution on YOUR website!
PMT*(((1+r)^t-1)/(r))= Amount
2000*((1+0.075)^(5)-1)/(0.075)
2000*(0.4356/0.075) = Amount
2000*5.808 = 11,616 This is how much you will have at the end of 5 years.
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