Answered

At Westonci.ca, we make it easy for you to get the answers you need from a community of knowledgeable individuals. Experience the ease of finding quick and accurate answers to your questions from professionals on our platform. Explore comprehensive solutions to your questions from knowledgeable professionals across various fields on our platform.

You plan to save $1,400 for the next four years, beginning now, to pay for a vacation. If you can invest it at 6 percent annually, how much will you have at the end of four years

Sagot :

facundobuzzetti

Answer:

FV= $6,124.46

Explanation:

Giving the following information:

You plan to save $1,400 for the next four years, beginning now, to pay for a vacation. If you can invest it at 6 percent annually,

Annual deposit= $1,400

Number of periods= 4 years

Interest rate= 6%

To calculate the future value, we need to use the following formula:

FV= {A*[(1+i)^n-1]}/i

A= annual deposit

FV= {1,400*[(1.06^4) - 1]} / 0.06

FV= $6,124.46

Thank you for visiting. Our goal is to provide the most accurate answers for all your informational needs. Come back soon. Thanks for stopping by. We strive to provide the best answers for all your questions. See you again soon. Westonci.ca is your go-to source for reliable answers. Return soon for more expert insights.