The formula is given by:
\[S = R \times \left( \frac{(1 + i)^n - 1}{i} \right)\]
where:
- \(S\) is the future value of the annuity,
- \(R\) is the payment at the end of each year,
- \(i\) is the interest rate, and
- \(n\) is the number of years.
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