Jason Allen is saving for an Australian vacation in three years. He estimates that he will...
Jason Allen is saving for an Australian vacation in three years. He estimates that he will need $5,260 to cover his airfare and all other expenses for a week-long holiday in Australia. If he can invest his money in an S&P 500 equity index fund that is expected to earn an average annual return of 10.7 percent over the next three years, how much will he have to save every year if he starts saving at the end of this year?
Homework Answers
Future value of annuity=Annuity[(1+rate)^time period-1]/rate
5260=Annuity[(1.107)^3-1]/0.107
5260=Annuity*3.332449
Annuity=5260/3.332449
which is equal to
=$1578.42(Approx).
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