future value, Financial Management


you just started your first job, and you want to buy a house within 3 years. you are currently saving for the down payment. you plan to save $5,000 the first year. You also anticipate that the amount you save each year will rise by 10 percent a year as your salary increases over time.interest rates are assumed to be 7 percent, and all savings occur at year end. How much money will you hav for a down payment in 3 years.
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