SOLUTION: You want to buy a condo 5 years from now, and you plan to save $3.000 per year, beginning one year from today . Yoy will deposit the money in an account that pays 6% interest. How

Question 350482: You want to buy a condo 5 years from now, and you plan to save $3.000 per year, beginning one year from today . Yoy will deposit the money in an account that pays 6% interest. How much will you have just after you make the 5th deposit, 5 years from now
Answer by tjhd(7) (Show Source): You can put this solution on YOUR website!
3,000 x 5 = 15,000
15,000 x .06 = 900
15,000 + 900 = 15,900
you will have a total of 15,900 after the 5th deposit
RELATED QUESTIONS
1. Wen Seng operates an ice cream shop. He is trying to decide whether to expand his... (answered by ikleyn)

You want to buy a $238,000 home. You plan to pay 5% as a down payment, and take out a 30... (answered by math_tutor2020)

Can you help me with this question please? 14) Rajesh and Priya plan to retire at age... (answered by ikleyn)

You want to have $40,000 to buy a new boat in six years. How much do you have to save at... (answered by stanbon)

Reggie has just taken over management of a family business. He wants to make sure that it (answered by Theo,ikleyn)

You have $10,000.00 to invest, at 5% annually and you keep the money invested for 10... (answered by rfer)

4. You are planning to deposit $15,000 into a bank account at the end of each year for 5... (answered by Theo)

Is it 9,050.25? I want to check my answer. Topic: Financial Mathematics Anna wants (answered by ikleyn,MathLover1,greenestamps)

You want to buy a $12,000 car. The company is offering a 5% interest rate compounded... (answered by ElectricPavlov,ikleyn)