Find the future value of an annuity of 1300 paid at the end

Find the future value of an annuity of $1300 paid at the end of each year for 15 years, if interest is earned at a rate of 8%, compounded annually.  (Round your answer to the nearest cent.)

$=

Solution

future annuity = 1300 x (1.08 + 1.08² + 1.08³.............. + 1.08¹⁵)

= 1300 x 1.08 x (1.08¹⁵ - 1)/(1.08 - 1)

= $ 38121.56795