Heather wants to save money to purchase a car. She buys an annuity with yearly payments that earn [tex]2\%[/tex] interest, compounded annually. Payments will be made at the end of each year. Find the total value of the annuity in 3 years if each yearly payment is [tex]\$ 5996[/tex].

Do not round any intermediate computations, and round your final answer to the nearest cent.

Financial Formulas:
[tex]\[
\begin{array}{l}
I = \text{Prt} \\
A = P(1 + rt) \\
A = P\left(1 + \frac{r}{n}\right)^{nt} \\
A = Pe^{rt} \\
A = \frac{M\left[\left(1 + \frac{r}{n}\right)^{nt} - 1\right]}{\frac{r}{n}} \\
M = \frac{P\left(\frac{r}{12}\right)}{1 - \left(1 + \frac{r}{12}\right)^{-12t}} \\
Y = \left(1 + \frac{r}{n}\right)^n - 1
\end{array}
\][/tex]

Definitions:
[tex]\[
\begin{array}{ll}
P = & \text{principal} \\
I = & \text{simple interest} \\
r = & \text{annual interest rate} \\
t = & \text{time or term of investment or loan (in years)} \\
A = & \text{future value or amount accumulated} \\
n = & \text{number of times interest is compounded per year} \\
e = & \text{Euler's number} \\
M = & \text{installment payment or monthly payment} \\
Y = & \text{effective annual interest rate or effective annual yield}
\end{array}
\][/tex]