You want to go to Europe 5 years from now, and you can save $3,100 per...

 

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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 new mutual fund account which you expect to return 8.5% per year. Under these conditions, how much will you have just after you make the 5th deposit, 5 years from now? 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 new mutual fund account which you expect to return 8.5% per year. Under these conditions, how much will you have just after you make the 5th deposit, 5 years from now?

Answer rating: 100% (QA)

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