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you invest $250 every year for 12 years. The annual interest rate is 5%. However, you...

you invest $250 every year for 12 years. The annual interest rate is 5%. However, you miss the last 2 payments. How much do you have at the end of the 12 years? Show your work in order to receive full credit.

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Answer #1
Year Deposits FVF at 5% Future value
1 250 1.710339 427.5848
2 250 1.628895 407.2237
3 250 1.551328 387.8321
4 250 1.477455 369.3639
5 250 1.4071 351.7751
6 250 1.340096 335.0239
7 250 1.276282 319.0704
8 250 1.215506 303.8766
9 250 1.157625 289.4063
10 250 1.1025 275.625
11 0 1.05 0
12 0 1 0
Future value of deposits 3466.78
Thus, amount in account at the end of 12yrs= 3466.78
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