N an attempt to have funds for a down payment in five years, James Dupont plans to save $3,800 a year for the next five years. With an interest rate of 4 percent, what amount will James have available for a down payment after the five years? Use Exhibit 1-B. (Round FVA factor to 3 decimal places and final answer to 2 decimal places.)
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Ответ:
$20,582.03
Explanation:
For this question, we have to determine the future value that is shown on the attachment. Kindly find it below:
Data provided in the question
NPER = 5 years
PMT = $3,800
Rate of interest = 4%
PV = $0
The formula is shown below:
= -FV(Rate;NPER;PMT;PV;type)
So, after solving this, the future value is $20,582.03
Ответ:
22.4%
Explanation:
3200 / 14,300 = 0.224 × 100 = 22.4%