John Regan, an employee at Home Depot, made deposits of $800 at the end of each year for 4 years. Interest is 4% compounded annually. What is the value of John’s annuity at the end of 4 years? (Use Table 13.1.) (Do not round intermediate calculations. Round your answer to the nearest cent.)

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21-07-2022
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John Regan, an employee at Home Depot, made deposits of $800 at the end of each year for 4 years. Interest is 4% compounded annually. What is the value of John’s annuity at the end of 4 years? (Use Table 13.1.) (Do not round intermediate calculations. Round your answer to the nearest cent.)

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okpalawalter8 okpalawalter8 · Answer 1 · 2022-07-22T22:45:50+02:00

John Regan, an employee at Home Depot, made deposits of $800 at the end of each year for 4 years. The value of John’s annuity at the end of 4 years is; John's annuity $3,397.20. This is further explained below.

What is an annuity?

Generally, An annuity is a kind of financial instrument that provides its owner with a predetermined and ongoing stream of payments. This type of product is often purchased by retirees in order to supplement their income during their golden years.

In conclusion, During his four years as an employee at Home Depot, John Regan deposited a total of $8,000 at the conclusion of each calendar year. At the conclusion of four years, John's annuity will be worth $3,397.20, which is the value of John's annuity.