In an attempt to have funds for a down payment in three years, James Dupont plans...
In an attempt to have funds for a down payment in three years, James Dupont plans to save $4,250 a year for the next three years. With an interest rate of 5 percent, what amount will James have available for a down payment after the three years? Use Exhibit 1-B. (Round FVA factor to 3 decimal places and final answer to 2 decimal places.)
Homework Answers
Ans $ 13400.25
Future Value= Annual Payments * PVAF(5%, 3 years)
= 4250 * 3.153
= 13400.25
PVAF = Present value of annuity factor
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