QUESTION 3 Not completeMark 000 out of 100 Flag question Fut

QUESTION 3 Not completeMark 0.00 out of 1.00 Flag question Future value computation You deposit $3,000 at the end of every year for three years. How much will accumulate in three years if you earn 8% compounded annually? Use Excel or a financial calculator for computation. Round your answer to the nearest dollar. s0x Check You have correctly selected 0

Solution

Deposit = 3000 for N = 3 and I =8%

Future value of deposit = Deposit * FVIFA (N,I)

= 3000 * FVIFA (3,8%) = 3000 * 3.2464 = 9739.20