SOLUTION: George deposits $500 at the end of each month for the next 5 years in a credit union account paying 5.5% compounded monthly. What is the future value of annuity? How much intere

Question 972042: George deposits $500 at the end of each month for the next 5 years in a credit union account paying 5.5% compounded monthly.
What is the future value of annuity?
How much interest will be earned at the end of the 5 years?
Answer by reviewermath(1029) (Show Source): You can put this solution on YOUR website!
George deposits $500 at the end of each month for the next 5 years in a credit union account paying 5.5% compounded monthly.
What is the future value of annuity?
Excel Formula: =FV(0.055/12,12*5,-500)
Answer: $
How much interest will be earned at the end of the 5 years?
Interest = 34440.41 - 30000 = $
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