You plan to make annual deposits of $1,000 into an account at the beginning of each year for the next 12 years. If you can earn 3.1% interest, what will your final balance be by the end of 12 years

Final balance = $ 14,272.93

Explanation:

Annual Deposits(PMT) = $1,000

Number of years(N) = 12

Rate of interest (r) = 3.1% = 0.031

Future Value = ?

Computation:

Final balance = $ 14,272.93

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