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Find the future value of an annuity of $1288 deposited the end of the year for 14 years; money earns 7% compounded annually.

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FV = P (1+ i)^n (FV:Future Value,P:Principle,i:Interest%, n: num of years)
FV= 1288(1+.07)^14
FV = 1288(1.07)^14
FV = 1228(2.578)
FV = 3165.78 (approximately!)

Posted on Oct 19, 2013

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If 1288 is deposited yearly The Final Amount is:
34,399.33 USD

If 1288 is deposited only once The Final Amount is:
3,321.15 USD

Posted on Oct 11, 2013

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Hmmm, I don't think the problem is with your calculator. I'd be checking the accounting question again as I don't think you've got your annuity question structured right.

4 Year Annuity
14% Annual Interest Rate
Your contributing $4,000 per year over the next 4 years
and you already know the future value is $50,069?

You'd have to make annual payments of $11,878.93 (4 of them) at that annual interest rate to get to a future value of $50,069 (which has a present value of $43,632.24).

Are you sure that the FV isn't the trade in value at the end of the 4 years?

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