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1) You plan to deposit $1,000 every month into an account paying 6% compounded monthly for the next 5 years. How much will you accumulate
1) You plan to deposit $1,000 every month into an account paying 6% compounded monthly for the next 5 years. How much will you accumulate over this five year period?
2) What is the future value interest factor of an annuity for #1?
I know the answer to #1. It is $69,770.0305.
Please explain how to solve #2.
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