Given a 5 percent interest rate, compute the year 6 future value of deposits made in years 1, 2, 3, and 4 of $1,200, $1,400, $1,400, and $1,700, respectively. Note: Do not round intermediate calculations and round your final answer to 2 decimal places. Future value $ 6,728.17

Given a 5 percent interest rate, compute the year 6 future value of deposits made in years 1, 2, 3, and 4 of $1,200, $1,400, $1,400, and $1,700, respectively. Note: Do not round intermediate calculations and round your final answer to 2 decimal places. Future value $ 6,728.17

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

ChapterA3: Time Value Of Money

Section: Chapter Questions

Problem 8CE

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Question

Given a 5 percent interest rate, compute the year 6 future value of deposits made in years 1, 2, 3, and 4 of $1,200, $1,400, $1,400, and
$1,700, respectively.
Note: Do not round intermediate calculations and round your final answer to 2 decimal places.
Future value
$
6,728.17

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