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Tom and Suri decide to take a worldwide cruise. To do so, they need to save $22,000. They plan to invest $3,200 at the end
Tom and Suri decide to take a worldwide cruise. To do so, they need to save $22,000. They plan to invest $3,200 at the end of each year for the next five years to earn 10% compounded annually. 1-a. Calculate the future value of the investment. (FV of $1. PV of $1. FVA of $1, and PVA of $1) (Use appropriate factor(s) from the tables provided. Round your answer to 2 decimal places.) Future value 1-b. Will Tom and Suri reach their goal of $22,000 in five years? No Yes
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