Question 1172706
Certainly! Let's break down how to calculate the future value of your retirement account.

**Understanding the Problem**

This is an example of an annuity due, where payments are made at the beginning of each period.

**Formula**

The formula for the future value (FV) of an annuity due is:

FV = P * [((1 + r)^n - 1) / r] * (1 + r)

Where:

* P = periodic payment ($6,000)
* r = annual interest rate (5% or 0.05)
* n = number of years (10)

**Calculation**

1.  **Plug in the values:**
    FV = 6000 * [((1 + 0.05)^10 - 1) / 0.05] * (1 + 0.05)

2.  **Calculate (1 + 0.05)^10:**
    (1.05)^10 ≈ 1.62889462678

3.  **Calculate ((1 + 0.05)^10 - 1):**
    1.62889462678 - 1 ≈ 0.62889462678

4.  **Divide by 0.05:**
    0.62889462678 / 0.05 ≈ 12.5778925356

5.  **Multiply by 6000:**
    12.5778925356 * 6000 ≈ 75467.3552136

6.  **Multiply by 1.05:**
    75467.3552136 * 1.05 ≈ 79240.7229743

7.  **Round to the nearest cent:**
    $79,240.72

**Answer**

The account would be worth approximately $79,240.72 after 10 years.