On january 1 2013 you decided to take a trip around the, Ask an Expert

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On January 1, 2013, you decided to take a trip around the world after graduation. Assume that you will graduate 3 years from January 1, 2013. Your grandmother wanted to help you save money for the trip. Being the generous and sweet lady she is, your grandmother decided to deposit $4,500 in the travel fund at the end of each of the next 3 years, starting on December 31, 2013. The savings account will earn 5 percent interest.

Required:

1. How much money will you have for the trip at the end of year 3? (Round your final answer to the nearest whole dollar amount.)

2. What is the total amount of interest earned on the investment? (Round your final answer to the nearest whole dollar amount.)

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91968846

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