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You saving up to buy a car, you plan on making your first savings deposit one year from today, and then making deposits for the following 3 years. These are the amounts you plan to save at the end of each year:

Year 1 Projected Savings Amount $6000

Year 2 Projected Savings Amount $6000

Year 3 Projected Savings Amount $7000

Year 4 Projected Savings Amount $7000

You expect to earn an annual rate of 6% per year throughout. What amount will you have available at the end, at the time 4, when you will buy the car?

A $21308 B $28308 C $7420 D $26000 E $27560

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M91941307

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