Question

Derek will deposit $1,402.00 per year for 17.00 years into an account that earns 4.00%. The first deposit is made today. How much will be in the account 17.0 years from today? Note that he makes 17.0 total deposits.

Answer 1

Answer-

Given

Amount deposited at the beginning of every year = PMT = $ 1402 [ As the deposit is made today and not at the ending of the year ]  
Present value = PV = $ 0
Number of years = N = 17
Interest rate = I/Y = 4 %
Future value = FV = ?  

Substtituting the values in financial calculator and setting it in begin mode we get

Future value after 17 years = FV = $ 34552.87  

Therefore the amount accumulated after 17 years = $ 34552.87