(Please use a math, finance equation and/ or formula. DONT USE A SHEET CHART, EXCEL, OR GRAPH)

33. You want to buy a house within 3 years, and you are currently saving for the down payment. You plan to save 9,000 at the end of the first year, and you anticipate that your annual savings will increase by 5% annually thereafter. Your expected annual return is 8%. How much will you have for a down payment at the end of Year 3?

Uneven cash flow Year 1: 9,000 Year 2: 9,000*1.05 = 9,450 Year 3: 9,000*1.05*1.05 = 9,922.50