You want to buy a new sports car 3 years from now, and you plan to save $6,200 per year, beginning one year from today.

You want to buy a new sports car 3 years from now, and you plan to save $6,200 per year, beginning one year from today. You will deposit your savings in an account that pays 5.2% interest. How much will you have just after you make the 3rd deposit, 3 years from now? (Hint: Ordinary Annuity)

Expert Solution

jeff jeffy answered 2 years ago

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You want to buy a new sports car 3 years from now, and you plan to save $6,200 per year, beginning one year from today.

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