How much money will you have in a savings account that earns 16% annually in 10 years if you invest $5000 per year?

The final value is $106,607.35.

Explanation:

Giving the following information:

n = 10 years

i = 16%

Annual deposit = $5,000

To calculate the final value we need to use the following version of the final value formula:

FV = {A*[ (1+i) ^n-1]}/i

A = annual deposit

FV = {5,000*{ (1.16^10) - 1]}/0.16 = $106,607.35