what is the accumulated sum of the following stream of payme

what is the accumulated sum of the following stream of payments 772 every year at the beginning of the year for 13 years at 3.3% compounded annually

Solution

Hi,

Please find the detailed answer as follows:

Accumulated Sum after 13 Years = 772*(1+.033)^13 + 772*(1+.033)^12 + 772*(1+.033)^11 + 772*(1+.033)^10 + 772*(1+.033)^9 + 772*(1+.033)^8 + 772*(1+.033)^7 + 772*(1+.033)^6 + 772*(1+.033)^5 + 772*(1+.033)^4 + 772*(1+.033)^3 + 772*(1+.033)^2 + 772*(1+.033)^1 = $12690.03

Answer is $12690.03

Thanks.