Patricia Johnson is 20 years old and plans to make the following investments beginning next year. She will invest $3,000 in each of the next three years and will then make investments of $3,650, $3,725, $3,875, and $4,000 over the following four years. If the investments are expected to earn 7.6 percent annually, how much will Patricia have when she turns 30? (Round answer to 2 decimal places, e.g. 15.25. Do not round factor values.) Future value $ 4

Patricia Johnson is 20 years old and plans to make the following investments beginning next year. She will invest $3,000 in each of the next three years and will then make investments of $3,650, $3,725, $3,875, and $4,000 over the following four years. If the investments are expected to earn 7.6 percent annually, how much will Patricia have when she turns 30? (Round answer to 2 decimal places, e.g. 15.25. Do not round factor values.) Future value $ 4

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 34P

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