SOLUTION: Can someone please help me solve this ? Thank you! Find the value of annuity. a_1=$5000, I= 0.08 , n =10 What is the future value of annuity? $___

SOLUTION: Can someone please help me solve this ? Thank you! Find the value of annuity. a_1=$5000, I= 0.08 , n =10 What is the future value of annuity? $____ ( round to the nearest c

Question 764599: Can someone please help me solve this ? Thank you!

Find the value of annuity.
a_1=$5000, I= 0.08 , n =10
What is the future value of annuity?
$____ ( round to the nearest cent.)
Answer by rothauserc(4718) (Show Source): You can put this solution on YOUR website!
here is the annuity formula to use
S(n) = a(1) * [((1+I)^n - 1) / I]
where S(n) is value of annuity
a(1) = $5000, I=0.08, n=10
S(n) = 5000 * [((1+.08)^10 -1) / .08]
S(n) = $72,432.81

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