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Tom and Suri decide to take a worldwide cruise. To do so, they need to save $21,000. They plan to invest $3,100 at the end
Tom and Suri decide to take a worldwide cruise. To do so, they need to save $21,000. They plan to invest $3,100 at the end of each year for the next seven years to earn 8% compounded annually. Required: 1-a. Calculate the future value of the investment. ( FV of $1, PV of $1, FVA of $1, and 1-b. Will Tom and Suri reach their goal of $21,000 in seven years
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