How much money would be accumulated 18 years from now from deposits of $15,000 per year for five consecutive years, starting 3 years from now, if the interest rate is 8% per year?
What will be an ideal response?
F7 = 15,000(F/A,8%,5)
= 15,000(5.8666)
= $87,999
F18 = 87,999(F/P,8%,11)
= 87,999(2.3316)
= $205,178
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