In: Finance
If you save $2,000 a year from today, and $3,000 three years from today in an account that earns 8% per year, compounded quarterly, how much will you have in three years?
Group of answer choices
$5,519.42
$5,343.32
$5,332.80
$5,536.48
Amount you will have in 3 years = ($2,000 * (1 + 8% / 4)^(2*4)) + $3,000
= $2,343.32 + $3,000
= $5,343.32
Amount you will have in 3 years = $5,343.32