How much would you have for a down payment at end of year

Reference no: EM13301126

You want to buy a house within 4 years, and you are currently saving for the down payment. You plan to save $7,000 at the end of the first year, and you anticipate that your annual savings will increase by 5% annually thereafter. Your expected annual return is 5%. How much would you have for a down payment at the end of Year 4? Round your answer to two decimal places.

Reference no: EM13301126

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