SOLUTION: What is the future value of $4200 saved each year for 15 years at 9 percent ?

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Question 1100117: What is the future value of $4200 saved each year for 15 years at 9 percent ?
Answer by jorel1380(3719) About Me  (Show Source):
You can put this solution on YOUR website!
The future value of a payment is:
FUTURE VALUE OF A PAYMENT
FV(PMT)=PMT*((1+i)^n -1)/i
FV = Future Value
PMT = Payment per time period
i = Interest Rate per Time Period
n = Number of Time Periods
So, here we have:
FV=4200*((1+.09)^15 -1)/.09=$123,315.84