John Doe who plans to deposit $5,000 at the beginning of each year for the next seven years to save enough money for his daughter’s education. Please note that the ongoing rate of interest in the market is 5%. Determine the amount that John Doe will have at the end of seven years.

Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter27: Investment, The Capital Market, And The Wealth Of Nations
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John Doe who plans to deposit $5,000 at the beginning of each year for the next seven years to save enough money for his daughter’s education. Please note that the ongoing rate of interest in the market is 5%. Determine the amount that John Doe will have at the end of seven years.

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