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The owner of Termites Inc. plans to deposit $15,000 at the end of each year for 10 years into an investment account. One investment would pay 5% per year, and he assumes a stock fund would continue to yield 10% per year. Find the future value of both.

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musiclover10045

Using the formula for the future value of an annuity: FV = P x (1 + rate)^time - 1 / rate)

1st account:

15,000 x (1 + 0.05)^10 - 1 /0.05) = $188,668.39

2nd account:

15,000 x (1 + 0.10)^10 - 1 /0.10) = $239,061.37

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