You invest $100 monthly in an annuity that pays 5% interest, compounded monthly, for 30 years. What will be the annuity's future value? Formula for future value of an annuity: FV=P×((1+r/n)^nt−1)/(r/n) where: • FV = future value of the annuity • P = payment amount per period • r = annual interest rate (decimal) • n = number of compounding periods per year • t = total number of years