Sarah Allen is 20 years old and plans to make the following investments beginning next year. She will invest $5,300 in each of the next three years and will then make investments of $5,800, $5,900, $6,000, and $6,200 over the following four years. If the investments are expected to earn 12.30 percent annually, how much will Sarah have when she turns 30? (Round answer to 2 decimal places, e.g. 15.25. Do not round factor values.) Future value $
Sarah Allen is 20 years old and plans to make the following investments beginning next year. She will invest $5,300 in each of the next three years and will then make investments of $5,800, $5,900, $6,000, and $6,200 over the following four years. If the investments are expected to earn 12.30 percent annually, how much will Sarah have when she turns 30? (Round answer to 2 decimal places, e.g. 15.25. Do not round factor values.) Future value $
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 22P
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Transcribed Image Text:Sarah Allen is 20 years old and plans to make the following investments beginning next year. She will invest $5,300 in each of the next
three years and will then make investments of $5,800, $5,900, $6,000, and $6,200 over the following four years. If the investments are
expected to earn 12.30 percent annually, how much will Sarah have when she turns 30? (Round answer to 2 decimal places, e.g.
15.25. Do not round factor values.)
Future value
$
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