You want to go to europe 5 years from now, and you can save $3,800 per year, beginning one year from today. you plan to deposit the funds in a mutual fund that you think will return 8.5% per year. under these conditions, how much would you have just after you make the 5th deposit, 5 years from now?

Using the future value annuity to solve the question we proceed as follows:
FV of annuity=P{[(1+r)^n-1]/r}
P=periodic Payment
r=rate per period
n=number of periods
from the question:'
P=$3,800
r=8.5%
n=5 years
hence:
A=3800{[(1+0.085)^5-1]/0.085}
A=$22,516.42