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Jimmy deposits $4,200 now, $2,300 3 years from now, and $5,000 6 years from now. Interest is 3% for the first 3 years and 10% for the last 3 years. a. How much money will be in the fund at the end of 6 years? $ b. What is the present worth of the fund? $ c. What is the uniform series equivalent of the fund (uniform cash flow at end of years 1-6)? Round your answers to the nearest whole dollar. The tolerance is +/- 4.00.

Jimmy deposits $4,200 now, $2,300 3 years from now, and $5,000 6 years from now. Interest is 3% for the first 3 years and 10% for the last 3 years. a. How much money will be in the fund at the end of 6 years? $ b. What is the present worth of the fund? $ c. What is the uniform series equivalent of the fund (uniform cash flow at end of years 1-6)? Round your answers to the nearest whole dollar. The tolerance is +/- 4.00.

Economics Today and Tomorrow, Student Edition
Economics Today and Tomorrow, Student Edition
1st Edition
ISBN:9780078747663
Author:McGraw-Hill
Publisher:McGraw-Hill
Chapter6: Saving And Investing
Section6.1: Why Save?
Problem 6R
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Jimmy deposits $4,200 now, $2,300 3 years from now, and $5,000 6 years from now. Interest is 3% for the first 3 years and 10% for the last 3 years. a. How much money will be in the fund at the end of 6 years? $ b. What is the present worth of the fund? $ c. What is the uniform series equivalent of the fund (uniform cash flow at end of years 1-6)? Round your answers to the nearest whole dollar. The tolerance is +/- 4.00.
Transcribed Image Text:Jimmy deposits $4,200 now, $2,300 3 years from now, and $5,000 6 years from now. Interest is 3% for the first 3 years and 10% for the last 3 years. a. How much money will be in the fund at the end of 6 years? $ b. What is the present worth of the fund? $ c. What is the uniform series equivalent of the fund (uniform cash flow at end of years 1-6)? Round your answers to the nearest whole dollar. The tolerance is +/- 4.00.
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