Answer:
future value = 5000 × [tex]\frac{(1+0.06)^t -1}{0.06}[/tex]
if time 14 year than
future value = $105075.33
Explanation:
given data
principal = $5000
interest rate = 6% compounded annually = 0.06
to find out
deposit amount
solution
we here assume time period = t
so we apply here future value formula that is
future value = principal × [tex]\frac{(1+r)^t -1}{r}[/tex] ................1
put here value we get , future value
future value = 5000 × [tex]\frac{(1+0.06)^t -1}{0.06}[/tex]
so if time period is 14 year put value of t = 14
future value = 5000 × [tex]\frac{(1.06)^14 -1}{0.06}[/tex]
future value = $105075.33
