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Tran Lee plans to set aside $3,200 a year for the next six years, earning 5 percent. What would be the future value of this s
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Answer #1

Savings per year= $3,200

Number of Years= 6 years

Rate= 5%

Future Value of Annuity= P{((1+r)^n-1)/r}

Future Value of annuity = 3200{((1.05)^6-1)/0.05} =3200*6.802 =$21,766.12

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