you deposit $5000 each year into an account earning 2% interest compounded annually. How much will you have in the account in 35 years?
Use this formula to find the FV of the account:
P=5000; R=0.02; N=35; FV=P*((1 + R)^N - 1)/ R
FV = $ 249,972.39 - FV of the account after 35 years.
