Lucas Sugar wants to accumulate funds to open his own restaurant after he graduates from culinary school and gains experience working in local restaurants.Lucas deposited $20,000 into a fund on January 2 of the current year.Lucas will be able to deposit $10,000 at the end of each of the next 5 years.If the fund pays 4% interest compounded annually, how much will Lucas have in his restaurant fund at the end of the 5th year? Use appendix Table 1, Table 2, Table 3 and Table 4.

Question

Quizplus · Accepted Answer

The Answer of Lucas Sugar wants to accumulate funds to open his own restaurant after he graduates from culinary school and gains experience working in local restaurants.Lucas deposited $20,000 into a fund on January 2 of the current year.Lucas will be able to deposit $10,000 at the end of each of the next 5 years.If the fund pays 4% interest compounded annually, how much will Lucas have in his restaurant fund at the end of the 5th year? Use appendix Table 1, Table 2, Table 3 and Table 4.

Lucas Sugar Wants to Accumulate Funds to Open His Own