Scott deposits $5,000 at the end of each year into an account for five years. assuming 6% interest annually, what is the value of his account in five years?

The value of his account in 5 years is $28185.46

Step-by-step explanation:

The given problem is of ordinary annuity and we have to find the future value.

The future value of an annuity is given by

We have,

P = $5,000, r = 0.06, n = 5

On substituting the values, we get

Therefore, the value of his account in 5 years is $28185.46

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step-by-step explanation:

there are infinitely many solutions.