You are a freshman in college and are planning a trip to Europe when you graduate from college at the end of four years....
You are a freshman in college and are planning a trip to Europe when you graduate from college at the end of four years. You plan to save the following amounts annually, starting today: $560, $730, $730, and $840. If you can earn 6.00 percent annually, how much will you have at the end of four years?
Homework Answers
We use the formula:
A=P(1+r/100)^n
where
A=future value
P=present value
r=rate of interest
n=time period.
A=560*(1.06)^4+730*(1.06)^3+730*(1.06)^2+840*(1.06)
which is equal to
=$3287.06(Approx).
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