Luis wants to know how much he will have available to spend on his trip to...

Luis wants to know how much he will have available to spend on his trip to Belize in three years if he deposits $2,700 today at an interest rate of 5%

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Expert Solution

Answer: $3,125.59
Calculation and explanation:
The amount that he will have at the end of 3 years is the
FV of $2700 compounded at 5% per annum for three
years.
=2700*1.05^3 =	$ 3,125.59

jeff jeffy answered 1 year ago

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