Question
Joycie wants to buy a new car but can't afford it right away. She decides to put away $1,500 today, $2,500 at the end of
Joycie wants to buy a new car but can't afford it right away. She decides to put away $1,500 today, $2,500 at the end of year two and $5,000 at the end of year three. If the interest rate is 10% per annum, compounded annually, then the amount she will have in exactly three years is closest to?
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Multinational Business Finance
Authors: David K. Eiteman, Arthur I. Stonehill, Michael H. Moffett
13th edition
132743469, 978-0132743464
