Question

Given an interest rate of 8 percent, compute the year 8 future value if deposits of $3,200 and $4,200 are made in years 2 and
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Answer #1
Fv of balance in year 8 $9,957.97

Workings

Balance
3200 FV of 3200 at year 3 $3,456.00
7400 FV of balance in year 5 $8,929.96
6375 Fv of balance in year 8 $9,957.97

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