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At the end of each of the past 14 years, Vanessa deposited $450 in an account that earned 8 percent compounded annually

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At the end of each of the past 14 years, Vanessa deposited $450 in an account that earned 8 percent compounded annually.

(a) How much is in the account today?

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Computation of the future value of annuity:-

Future value of annuity = P*(((1+r)^n-1)/r)

= $450*(((1+8%)^14-1)/8%)

= $450*24.2149

= $10,896.71

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