Planning to save each year for the next six years

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Reference no: EM131498297

Beginning this year, Mary is planning to save $800 each year for the next six years to take a vacation to commemorate the seventh year of her career. Assuming the interest rate offered by her bank is 9.0 percent annually, how much will Mary have in the account at the end of seven years? Amount Mary will have in her account: $ Answer If Mary increases her savings to $1,500 annually, will this be enough to take care of her vacation which is estimated to cost $15,000. Calculate her account balance at end of seven years. New account balance : $

Reference no: EM131498297

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