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In an attempt to have funds for a down payment in five years, you plan to save $7050 each year for the next five years. With
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Answer #1

PMT = 7050
Nper = 5
Rate = 3%
PV = 0

Future value can be calculated by using the following excel formula:
=FV(rate,nper,pmt,pv)
=FV(3%,5,-7050,0)
= $37,429.41

The amount you will have in your account after 5 years = $37,429.41

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