With deposits of $5,000 at the end of each year,you will have accumulated $38,578 at the end of the sixth year if the annual rate of interest is 10%.(PV of $1,FV of $1,PVA of $1,and FVA of $1) (Use appropriate factor(s)from the tables provided.) \bold{ ext{(Use appropriate factor(s)from the tables provided.)}} (Use appropriate factor(s)from the tables provided.)

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With deposits of $5,000 at the end of each year,you will have accumulated $38,578 at the end of the sixth year if the annual rate of interest is 10%.(PV of $1,FV of $1,PVA of $1,and FVA of $1)  (Use appropriate factor(s)from the tables provided.) \bold{	ext{(Use appropriate factor(s)from the tables provided.)}} (Use appropriate factor(s)from the tables provided.)

Austin Dorman · Accepted Answer

Final Answer : True, Explanation :  This is a simple annuity problem with annual deposits of $5,000 and an annual interest rate of 10%. Using the FVA of $1 table, we can find the factor for six years at 10%, which is 1.791. Multiplying the factor by the annual deposit of $5,000 gives us a total accumulated amount of $8,955 at the end of six years. Using the FV of $1 table, we can find the factor for six years at 10%, which is 1.791. Multiplying the factor by the initial deposit of $5,000 gives us a total accumulated amount of $8,955 at the end of six years. Adding these two amounts gives us a total accumulated amount of $38,578, confirming that the statement is true.

With deposits of $5,000 at the end of each year,you will have accumulated $38,578 at the end of the sixth year if the annual rate of interest is 10%.(PV of $1,FV of $1,PVA of $1,and FVA of $1) $provided.)\bold{\text{(Use appropriate factor(s)from the tables provided.)}}$

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