Question

Given an interest rate of 6.25% compounded annually, how much would you accumulate if you started with $3,250 and then contributed $1,950 per year (at the end of each year) for 13 years?

Answer 1

Is this correct? Calculate the FV for each year and then sum?

PV1 = 3,250 i = 6.25% N = 13 FV =
PV2 = 1,950 i = 6.25% N = 12 FV =
PV3 = 1,950 i = 6.25% N = 11 FV =
PV4 = 1,950 i = 6.25% N = 10 FV =
PV5 = 1,950 i = 6.25% N = 9 FV =
PV6 = 1,950 i = 6.25% N = 8 FV =
PV7 = 1,950 i = 6.25% N = 7 FV =
PV8 = 1,950 i = 6.25% N = 6 FV =
PV9 = 1,950 i = 6.25% N = 5 FV =
PV10 = 1,950 i = 6.25% N = 4 FV =
PV11 = 1,950 i = 6.25% N = 3 FV =
PV12 = 1,950 i = 6.25% N = 2 FV =
PV13 = 1,950 i = 6.25% N = 1 FV =