t is now the beginning of the year. Assume that, starting at the end of the year, you will make deposits of $822 each year into a savings account. You will make a total of 4 annual deposits. If the avings account interest rate is 15%, how much money will you have at the end of year 4? (In other words, what is the future value of this annuity?) inter your answer in terms of dollars and cents, rounded to 2 decimals, and without the dollar sign. hat means, for example, that if your answer is $127.5678, you must enter 127.57

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Effective Interest Rate

The term interest rate can be defined as the amount that is charged by the lender as a percentage on the principal amount. Interest rate which is charged annually is known as annual percentage rate.