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?
Excel Formula: =FV(0.055/12,12*5,-500)
Answer: ${{{highlight(34440.41)}}}
How much interest will be earned at the end of the 5 years?
Interest = 34440.41 - 30000 = ${{{highlight(4440.41)}}}