Patricia has $5,740 in a savings account earning 4.0% annually. She plans to use the money in the account to purchase a new car. If Patricia saves $3,280 a year at the end of the next 3 years, how much will she have in savings in 3 years to purchase a new car?
Patricia has $5,740 in a savings account earning 4.0% annually. She plans to use the money in the account to purchase a new car. If Patricia saves $3,280 a year at the end of the next 3 years, how much will she have in savings in 3 years to purchase a new car?
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
Chapter27: Time Value Of Money (compound)
Section: Chapter Questions
Problem 6E
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Patricia has $5,740 in a savings account earning 4.0% annually. She plans to use the money in the account to purchase a new car. If Patricia saves $3,280 a year at the end of the next 3 years, how much will she have in savings in 3 years to purchase a new car?
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