Ask Question
7 June, 22:06

You want to buy a new sports car 3 years from now, and you plan to save $4,200 per year, beginning one year from today. you will deposit your savings in an account that pays 5.2% interest. how much will you have just after you make the 3rd deposit, 3 years from now?

+3
Answers (1)
  1. 8 June, 01:30
    0
    The formula of the future value of an annuity ordinary is

    Fv=pmt [ (1+r) ^ (n) - 1) : r]

    Fv future value?

    PMT payment per year 4200

    R interest rate 0.052

    N time 3 years

    Fv=4,200 * (((1+0.052) ^ (3) - 1) : (0.052))

    Fv=13,266.56
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “You want to buy a new sports car 3 years from now, and you plan to save $4,200 per year, beginning one year from today. you will deposit ...” in 📙 Mathematics if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers