ILL UPVOTE 100%!!! Draw out the time line. Time line must include all cash flows stipulated in the problem occurring at the time period stipulated in the problem.

On the time line, include arrows indicating the compounding or discounting of cash flows to the desired time period.

Under the time line, hand written explanation of your plan to solve the problem.

Gilbert has just started saving for a new horse. He plans to make savings payments of $700 each year for the next 5 years and has just made his payment. How much will he have saved at the end of year 5 if the interest rate is 4.5%