Brief Exercise 6-5

Stacy Medavoy will invest $6,620 a year for 15 years in a fund that will earn 4% annual interest. Click here to view factor tables If the first payment into the fund occurs today, what amount will be in the fund in 15 years? If the first payment occurs at year-end, what amount will be in the fund in 15 years? (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 458,581.)

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