In an attempt to have funds for a down payment, Jan Carlson plans to save $3,500 a year for the next five years. With an interest rate of 3 percent, what amount will Jan have available for a down payment after the five years? Use Exhibit 1-B. (Round time value factor to 3 decimal places and final answer to 2 decimal places.) Answer is complete but not entirely correct. $ 4,056.50 X Down payment

In an attempt to have funds for a down payment, Jan Carlson plans to save $3,500 a year for the next five years. With an interest rate of 3 percent, what amount will Jan have available for a down payment after the five years? Use Exhibit1.-B, (Round time value factor to 3 decimal places and final answer to 2 decimat places.)