PLEASE HELP

You put $10,000 in a bank account at the end of every year for 12 years. The account earns 3.5% interest. How much do you have total at the end of 12 years?

An ordinary annuity means that a fixed amount is placed in an account every year for a number of years, 12 years in this case, in other words, we can determine the value of the savings after 12 years using the future value formula of an ordinary annuity as shown below:

FV=PMT*(1+r)^N-1/r

FV=future value=unknown

PMT=annual savings=$10,000

r=rate of return=0.035

N=number of annual savings in 12 years=12

FV=$10,000*(1+0.035)^12-1/0.035

FV=$10,000*(1.035)^12-1/0.035

FV=$10,000*(1.51106865734636-1)/0.035

FV=$10,000*0.51106865734636/0.035

FV=$146,019.62

Find out more about future value of an ordinary annuity on:https://brainly.com/question/25792915

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PLEASE HELP You put $10,000 in a bank account at the end of every year for 12 years. The account earns 3.5% interest. How much do you have total at the end of 12 years?

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PLEASE HELP

You put $10,000 in a bank account at the end of every year for 12 years. The account earns 3.5% interest. How much do you have total at the end of 12 years?