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You want to go to Europe 5 years from now, and you can save $3,000 per year, beginning one year from today. You plan to
You want to go to Europe 5 years from now, and you can save $3,000 per year, beginning one year from today. You plan to deposit the funds in a mutual fund that you think will return 9.5% per year. Under these conditions, how much will you have just after you made the 5th deposit, 5 years from now?
Please show which formula must be used, and how the numbers are plugged into the formula to derive the answer. Thank you so much!
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