Answer to Question #140084 in Finance for paari

Question #140084

You decide to begin saving towards the purchase of a new car in 5 years. If you put $1,000 at the end of each of the next 5 years in a savings account paying 6% compounded annually, how much will you accumulate after 5 years?

Expert's answer

$1000*(1.06^5+1.06^4+1.06^3+1.06^2+1.06)=5,975.32$

Learn more about our help with Assignments: Finance

Comments

No comments. Be the first!

Leave a comment

Related Questions

1. Suggest ONE common financial goal for each of the following life situations: (a) a final year underg
2. Eggz, Inc., is considering the purchase of new equipment that will allow the company to collect loos
3. A five-year project has an initial fixed asset investment of $315,000, an initial NWC investment of
4. Jane Nursery grows pink and peach roses in her 100 by 100 foot garden. She then sells it at the loca
5. Jane Nursery grows pink and peach roses in her 100 by 100 foot garden. She then sells it at the loc
6. A man is planning to retire in 25 years. He wishes to deposit a regular amount every three months un
7. What is the amount of 10 equal annual deposits that can provide five annual withdrawals when the fir