Answer:
$15,793.52
Explanation:
The payments represent annuity payments. Value after three years will be the future value of 5000 per year at 5.2 %
The formula for the future value of annuities is as follows.
FV = P[ (1 +r )n -1/r]
In this case: p =5000: n= 3. r = 5.2% or 0.052
FV = 5000[(1+0.052)3-1/0.052]
=5000[1.16425-1/0.052]
=5000(0.164252/0.052)
=5000 x 3.1587
= $15,793.52
