SOLUTION: Tom and Katie were recently married and want to take a cruise. To do so, the couple needs to save $20,000. They plan to invest $3,000 at the end of each year for the next six years

SOLUTION: Tom and Katie were recently married and want to take a cruise. To do so, the couple needs to save $20,000. They plan to invest $3,000 at the end of each year for the next six years

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Question 633348: Tom and Katie were recently married and want to take a cruise. To do so, the couple needs to save $20,000. They plan to invest $3,000 at the end of each year for the next six years to earn 9% compounded annually. What is the future value of annuity?
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
Use Excel for this calculation.
=FV(0.09,6,3000)
answer $22,570
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