Cam is entering high school and is determined to save money for college. Cam fee

Question

Cam is entering high school and is determined to save money for college. Cam feels he can save S3,000 each year for the next four years from his part-time job. If Cam is able to invest at 8%, how much will he have when he starts college? Click the icon to view Present Value of $1 table) Click the icon to view Present Value of Ordinary Annuity of $1 table.) (Click the icon to view Future Value of $1 table.) (Click the icon to view Future Value of Ordinary Annuity of $1 table.) Round your answer to the nearest dollar.) Cam will have S when he starts college.

Explanation / Answer

Future value = Present value *(1+i)n

                      = 3000*(1+.08)4

Future value = 4081

Cam will have $4081 when he starts college

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