Answer:
$57,682.68
Explanation:
The computation of the amount in the fund immediately after the fifth deposit is shown below:
= Annual deposit × (1 + interest rate)^period + Annual deposit × (1 + interest rate)^period + Annual deposit × (1 + interest rate)^period + Annual deposit × (1 + interest rate)^period + Annual deposit
= $14,000 × (1 + 0.06)^4 + $12,000 × (1 + 0.06)^3 + $10,000 × (1 + 0.06)^2 + $8,000 × (1 + 0.06)^1 + $6,000
= $17,674.68 + $14,292 + $11,236 + $8,480 + $6,000
= $57,682.68
