Use the formula below

Question

Use the formula A =  or A =  to find the value of the annuity.

Group of answer choices

Answer 1

yearly payment $1,000 compounded annually 6% for 13 years

Future value = A = 1,000(1.06)^13=$2133 rounded off

use a calculator with an exponential function

year zero 1,000

1 1,060

2 1123.60

3 1191.02

4 1262.46

5 1338.23

6 1418.52

7 1503.63

8 1593.89

9 1689.48

10 1790.89

11 1898.30

12 2012.20

13 $2,132.93

or about $2,133