Very Light Jets (VLJs) are one-pilot, two-engine jets that weigh 10,000 pounds or less and have only five or six passenger seats. Since they cost half as much as the most inexpensive business jets, they are considered to be the wave of the future.

MidAm Charter purchased five planes so that it can initiate service to small cities that have airports with short runways. MidAm expects revenue of $1 million in year one, $1.2 million in year two and amounts increasing by $200,000 per year thereafter. If the company’s MARR is 10% per year, what is the future worth of the revenue through the end of year 5? Solve using both tabulated factors and spreadsheet functions.