Question
You plan to save $1,250 at the end of each of the next three years to pay for a vacation. If you can invest it at 7 percent, how much will you have at the end of three years?
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Answer to a math question You plan to save $1,250 at the end of each of the next three years to pay for a vacation. If you can invest it at 7 percent, how much will you have at the end of three years?
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FV = P * [((1 + r)^n - 1) / r]
where:
P is the amount of each payment ($1,250 in this case),
r is the interest rate per period (7% or 0.07 in this case), and
n is the number of periods (3 years in this case).
Substituting these values into the formula gives:
FV = $1,250 * [((1 + 0.07)^3 - 1) / 0.07]
FV = $4018.63
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