To calculate the future value of an annuity, we can use the Future Value of an Annuity formula:

$FV = P \times \frac{(1 + r)^t - 1}{r}$

Where:

• $FV$ is the future value of the annuity.
• $P$ is the annual payment.
• $r$ is the interest rate per period (as a decimal).
• $t$ is the number of years.

Since you mentioned that Michael deposits a fixed amount each year, but did not provide specific values for the payment amount $P$, interest rate $r$, and time $t$, I'll need these values to provide a final answer. Could you please provide the values for the annual payment, interest rate, and number of years?

Once I have this information, I can calculate the future value of the annuity for you!