Matt plans to start his own business once he graduates from college. He plans to save $3,000 every six months for the next five years. If his savings earn 10% annually (or 5% every six months), determine how much he will save by the end of the fifth year. (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.)
Matt plans to start his own business once he graduates from college. He plans to save $3,000 every six months for the next five years. If his savings earn 10% annually (or 5% every six months), determine how much he will save by the end of the fifth year. (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.)
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter9: Current Liabilities, Contingencies, And The Time Value Of Money
Section: Chapter Questions
Problem 9.17E
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![Brief Exercise C-9 Calculate the future value of an annuity (LOC-3)
Matt plans to start his own business once he graduates from college. He plans to save $3,000 every six months for the next five years.
If his savings earn 10% annually (or 5% every six months), determine how much he will save by the end of the fifth year. (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.)
> Answer is complete but not entirely correct.
Total savings
$ 93,079.98 x](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F51d811fd-b4fb-4e38-8257-8e996de9fa83%2F95d6bfb2-3739-4e02-956f-7a7d85a1d0c2%2Fxqdv1mh_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Brief Exercise C-9 Calculate the future value of an annuity (LOC-3)
Matt plans to start his own business once he graduates from college. He plans to save $3,000 every six months for the next five years.
If his savings earn 10% annually (or 5% every six months), determine how much he will save by the end of the fifth year. (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.)
> Answer is complete but not entirely correct.
Total savings
$ 93,079.98 x
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