Answer:
FV= $21,665.29
Explanation:
Giving the following information:
Chris plans on saving $4,000 a year at 4 percent interest for five years.
To calculate the future value, you need to use the following formula:
FV= {A*[(1+i)^n-1]}/i
A= annual deposit
FV= {4,000*[(1.04^5) - 1]} / 0.04
FV= $21,665.29