Future Value of Annuity Calculator

Where:-

• P - Periodic Payment
• r - Rate per Period
• n - Number of Periods

A man decides to save by depositing $1000 into an account per year for a term of 5 years. The effective annual rate on the account is 2%. If he wants to determine the balance after 5 years, then according to the above formula; the balance after the 5th year would be $5204.04.