Determine the value of the annuity for the indicated monthly deposit amount, the number of deposits, and the interest rate.

You will need to determine the value for r to solve this problem. When finding r round it to the nearest ten thousandths.

Deposit amount: $50; total deposits: 60; interest rate: 5%, compounded monthly

The value for r is Answer
0.0041

The value of the annuity is $