100$ deposited at the end of every week for five years in an account that pays 14%/a , compounded weekly what type of annuity us this find the future value of the annuity using the formula
The future value is: [tex]100 (\frac{r^n - 1}{r-1}) [/tex] where n is number of weeks and 'r' is the weekly growth factor. [tex]n = 52*5 = 260 \\ \\ r = 1+ \frac{.14}{52} = 1.00269[/tex]
Subbing into the sum formula gives: [tex]100(\frac{1.00269^{52} - 1}{.00269}) \\ \\ = 5573.23[/tex]
