tart feame PERSONAL FINANCIAL PLANNING extsDiscussions Dropbox Quizzes Checklist

Question

tart feame PERSONAL FINANCIAL PLANNING extsDiscussions Dropbox Quizzes Checklist Grades More ToolsResources rk 3 39:00 Tenisha Foy: Attempt 1 Question 3 (1 point) B aved What amount would you have if you deposited $3100 a year for 5 years at 7 percent (compounded annually)? Use the appropriate Time Value of Money table [Exhibit 1-A, Exhibit 1-B, Exhibit 1-C, OR Exhibit 1-D] Round your answer to the nearest whole number. Do not include the comma, period, and "S" sign in your response.) Your Answer: 4347 Answer

Explanation / Answer

pmt=3100
n=5
rate =0.07
Using excel function:
=FV(0.07,5,3100)
=$17,827.29

Therefore one would have $17,827.29 in 5 years

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