1. **Stating the problem:** Calculate the future value (FV) of an annuity with payment PMT = 600, monthly interest rate $i = \frac{0.05}{12}$, and total number of payments $n = 5 \times 12 = 60$. 2. **Formula used:** The future value of an annuity formula is $$FV = PMT \times \frac{(1+i)^n - 1}{i}$$ where: - $PMT$ is the payment amount per period, - $i$ is the interest rate per period, - $n$ is the total number of payments. 3. **Calculate intermediate values:** - $i = \frac{0.05}{12} = 0.0041667$ - $n = 60$ 4. **Calculate $(1+i)^n$:** $$ (1 + 0.0041667)^{60} = (1.0041667)^{60} \approx 1.28368 $$ 5. **Calculate numerator:** $$ (1+i)^n - 1 = 1.28368 - 1 = 0.28368 $$ 6. **Calculate fraction:** $$ \frac{0.28368}{0.0041667} \approx 68.083 $$ 7. **Calculate future value:** $$ FV = 600 \times 68.083 = 40,849.8 $$ **Final answer:** The future value of the annuity is approximately $40,849.8$.