You are considering a savings plan that calls for a deposit of $15,000 at the end of each of the next fi ve years. If the plan offers an interest rate of 10 percent, how much will you accumulate at the end of year 5?

Do this calculation by completing the following spreadsheet. This spreadsheet does the calculation twice—once using the FV function and once using a simple table that shows the accumulation at the beginning of each year.

Transcribed Image Text:

A 1 Annual payment 2 Interest rate 3 Number of years 4 Total value 5 B 15,000 10% 5 C D $91,576.50