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In: Finance

You plan to save $1,400 for the next four years, beginning now, to pay for a...

You plan to save $1,400 for the next four years, beginning now, to pay for a vacation. If you can invest it at 6 percent, how much will you have at the end of four years? (Round to the nearest dollar.)

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Expert Solution

Money at end of 4 Years                  6,491.93
Time Opening Balance Deposit Total Balance Interest at 6% Closing Balance
                                                                    1.00                               -                  1,400.00                 1,400.00                       84.00                         1,484.00
                                                                    2.00                  1,484.00                1,400.00                 2,884.00                     173.04                         3,057.04
                                                                    3.00                  3,057.04                1,400.00                 4,457.04                     267.42                         4,724.46
                                                                    4.00                  4,724.46                1,400.00                 6,124.46                     367.47                         6,491.93

jeff jeffy answered 2 years ago
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