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How much money will you have for the trip at the end of year

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Question - On January 1, 2013, you decided to take a trip around the world after graduation. Assume that you will graduate 3 years from January 1, 2013. Your grandmother wanted to help you save money for the trip. Being the generous and sweet lady she is, your grandmother decided to deposit $4,750 in the travel fund at the end of each of the next 3 years, starting on December 31, 2013. The savings account will earn 5 percent interest.

Required:

1. How much money will you have for the trip at the end of year 3?

2. What is the total amount of interest earned on the investment?

Reference no: EM132043851

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