Calculating the Total Amount in a Fund after Five Annual Deposits

Explanation:

To calculate the amount in the fund after the fifth deposit, we follow these steps:

1. Calculate the total amount for each individual deposit using the formula:

Deposit amount × (1 + interest rate)^number of years

2. Add up the total amounts of all five deposits to get the final amount.

Let's break down the calculation:

First Deposit:

$14,000 × (1 + 0.06)^4 = $14,000 × 1.26248 ≈ $17,674.68

Second Deposit:

$12,000 × (1 + 0.06)^3 = $12,000 × 1.191016 ≈ $14,292

Third Deposit:

$10,000 × (1 + 0.06)^2 = $10,000 × 1.1236 ≈ $11,236

Fourth Deposit:

$8,000 × (1 + 0.06)^1 = $8,000 × 1.06 ≈ $8,480

Fifth Deposit:

$6,000 (no interest as it's immediately after the deposit) = $6,000

Adding all the amounts together:

$17,674.68 + $14,292 + $11,236 + $8,480 + $6,000 = $57,682.68

Therefore, the amount in the fund immediately after the fifth deposit is $57,682.68.