Savings toward the down payment on house

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Jeremy Denham plans to save $5,100 every year for the next eight years, starting today. At the end of eight years, Jeremy will turn 30 years old and plans to use his savings toward the down payment on a house. If his investment in a mutual fund will earn him 9.65 percent annually, how much will he have saved in eight years when he buys his house? (Round intermediate calculations to 4 decimal places, e.g. 1.5212 and final answer to 2 decimal places, e.g. 15.25.)

Reference no: EM131447397

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