Your grandfather has agreed to deposit a certain amount of money at the end of each...
Your grandfather has agreed to deposit a certain amount of money at the end of each year into an account paying 7 percent annually to help you go to graduate school. Starting next year, and for the following four years, he plans to deposit 7,637, 8,342, 7,252, 6,157, and 12,071 into the account. How much will you have at the end of the five years? Give your answer as a whole number.
Homework Answers
We need to apply this formula for each cash flow
FV = 10,010.55 + 10,219.31 + 8,302.81 + 6,587.99 + 12,071.00
FV = $47,191.66
FV = $47,192
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