You will deposit $2,000 at the end of each of next 5 years. If the interest rate is 7.6%, how much will you have accumulated in 15 years?

To calculate how much you will have accumulated in 15 years, we can use the formula for the future value of an ordinary annuity:

Future Value = Payment * ((1 + interest rate)^(number of periods) - 1) / interest rate

In this case, the payment is $2,000, the interest rate is 7.6%, and the number of periods is 5 (since you will deposit $2,000 at the end of each of the next 5 years). We need to calculate the future value after 15 years.

First, let's calculate the value of each individual $2,000 payment after 15 years using the future value formula:

Future Value of each payment = $2,000 * ((1 + 0.076)^(15) - 1) / 0.076

Next, we need to sum up the future values of all 5 payments:

Future Value = (Future Value of each payment) * 5

Calculating each step in the process:

Future Value of each payment = $2,000 * ((1 + 0.076)^(15) - 1) / 0.076
Future Value of each payment ≈ $2,000 * (2.612035 - 1) / 0.076
Future Value of each payment ≈ $2,000 * 1.612035 / 0.076
Future Value of each payment ≈ $2,000 * 21.210592
Future Value of each payment ≈ $42,421.18

Future Value = $42,421.18 * 5
Future Value ≈ $212,105.90

Therefore, after 15 years, you will have accumulated approximately $212,105.90.