Question: You want to save for making a down payment on a house 3 years from now, and you plan to save $ 5 , 0

You want to save for making a down payment on a house 3 years from now, and you plan to save $5,000 per year, beginning one year from today. You will deposit your savings in a fund that pays 5% annual interest. How much will you have for the down payment just after you make the 3rd deposit, 3 years from now?
a. $15,762.50
b. $12,603.50
c. $13,267.50
d. $13,930.50
e. $14,626.50
 You want to save for making a down payment on a

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!