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Accumulated future value of savings

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Jarrod has taken $35,000 loan this year. In order to pay it back, Jarrod plans to set aside $3,000 a year, at the end of each of the next two years (year 1 and year 2), then $5,000 a year in the following two years (year 3 and year 4), and increase his annual savings to $7,000 in year 5 and year 6. His savings will earn 6% per annum. All the money will be withdrawn at the end of year 7. What would be the accumulated future value of this savings? Will this amount be enough to pay off his loan? Assume that interest rate is paid annually.

Reference no: EM132766367

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