"Suppose a deposit of $500 is made at the begining of each year for 25 years into an account that pays 11% compounded annually. What is the amount of this annunity at the end of the 25th year?"
I think the formula I should be using is one for a geometric series so I tried it:
500(1-1.11^25)/(1-1.11) = 57206.65
However, that doesnt match with any of my answers. Please explain to me where I am going wrong.