Patricia has $5,740 in a savings account earning 4.0% annually. She plans to use the money in the account to purchase a new car. If Patricia saves $3,280 a year at the end of the next 3 years, how much will she have in savings in 3 years to purchase a new car?

Patricia has $5,740 in a savings account earning 4.0% annually. She plans to use the money in the account to purchase a new car. If Patricia saves $3,280 a year at the end of the next 3 years, how much will she have in savings in 3 years to purchase a new car?

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter27: Time Value Of Money (compound)

Section: Chapter Questions

Problem 6E

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