You want to go to europe five years from now and you can

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Reference no: EM13392818

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: EM13392818

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