Jessica deposits $5,000 at the end of each year in an account earning 2.45% interest, compounded annually. what is the future value of this annuity after 5 years of investing?

do i need to use the ordinary annuity formula or the annuity due formula to solve this?

Hi there
If the amount deposited at (end) of each year, use the formula of the (future/present) value of annuity ordinary

If the amount deposited at the (beginning) of each year use the formula of the (future/present) value of annuity due

So
FvAo=5,000×(((1+0.0245)^(5)−1)
÷(0.0245))
=26,255.38...answer

Hope it helps

Yes you do, so £1973.09 - £1473.50 = £499.59 so tim overpaid £499.59 .hope this ; )