Question: You are saving for a Porsche Carrera Cabriolet, which currently sells for nearly half a million dollars. Your plan is to deposit $15,000 at the

You are saving for a Porsche Carrera Cabriolet, which currently sells for nearly half a million dollars. Your plan is to deposit $15,000 at the end of each year for the next 10 years. You expect to earn 8 percent each year.

Required:

1. Determine how much you will have saved after 10 years.

2. Determine the amount saved if you were able to deposit $17,500 each year.

3. Determine the amount saved if you deposit $15,000 each year, but with 10 percent interest.

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