Answer to Question #140084 in Finance for paari

Question #140084

You decide to begin saving towards the purchase of a new car in 5 years. If you put $1,000 at the end of each of the next 5 years in a savings account paying 6% compounded annually, how much will you accumulate after 5 years?

Expert's answer

"1000*(1.06^5+1.06^4+1.06^3+1.06^2+1.06)=5,975.32"

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