Waldo expects to save the following amounts: Year 1 = $45,000; Year 2-$23,000; Year 3- $10,000....

 

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Waldo expects to save the following amounts: Year 1 = $45,000; Year 2-$23,000; Year 3- $10,000. If he can earn an average annual return of 8.63 percent, how much will he have saved in this account exactly 20 years from the time of the first deposit? Waldo expects to save the following amounts: Year 1 = $45,000; Year 2-$23,000; Year 3- $10,000. If he can earn an average annual return of 8.63 percent, how much will he have saved in this account exactly 20 years from the time of the first deposit?

Answer rating: 100% (QA)

SOLUTION Calculating the future value of a savings account requires the use of ... View the full answer