How much would you have just after you make the 5th deposit

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Reference no: EM13305617

You want to go to Europe 5 years from now, and you can save $3,100 per year, beginning one year from today. You plan to deposit the funds in a mutual fund that you think will return 8.5% per year. Under these conditions, how much would you have just after you make the 5th deposit, 5 years from now?

a.$18,369
b.$19,287
c.$20,251
d.$21,264
e.$22,327

Reference no: EM13305617

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