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Aleksandr [31]
3 years ago
10

You plan to save $1,400 for the next four years, beginning now, to pay for a vacation. If you can invest it at 6 percent annuall

y, how much will you have at the end of four years
Business
1 answer:
vekshin13 years ago
6 0

Answer:

FV= $6,124.46

Explanation:

Giving the following information:

You plan to save $1,400 for the next four years, beginning now, to pay for a vacation. If you can invest it at 6 percent annually,

Annual deposit= $1,400

Number of periods= 4 years

Interest rate= 6%

<u>To calculate the future value, we need to use the following formula:</u>

FV= {A*[(1+i)^n-1]}/i

A= annual deposit

FV= {1,400*[(1.06^4) - 1]} / 0.06

FV= $6,124.46

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