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in an attempt to have funds for a down payment In six years , James plans...

in an attempt to have funds for a down payment In six years , James plans to save $3900 a year for the next 6 years. with an interest rate of 4% what amount will james have available for a down payment after the 6 years?

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Answer

Annual payment × (1 + Interest rate)^Number of years­-1)÷Interest rate
Annual payments 3900
Interest rate 4.00%
Number of years 6
Interest rate 4.00%
FV(5%,6,-4400,0,0)
$25,868.60

amount will james have available for a down payment after the 6 years is $ 25,868.60

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