Plan on making your first savings deposit one year

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Reference no: EM131567331

You saving up to buy a car. You plan on making your first savings deposit one year from today, and then making deposits for the following 3 years. These are the amounts you plan to save at the end of each year:

Year Projected Savings Amount

1 $6,000

2 $6,000

3 $7,000

4 $7,000

You expect to earn an annual rate of 6% per year throughout. What amount will you have available at the end, at time 4, when you will buy the car?

Please show how to solve this by using a financial calculator ONLY.

a) $21,308 b) $28,308 c) $7,420 d) $26,000 e) $27,560

Please show how to solve this by using a financial calculator ONLY.

Reference no: EM131567331

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