McClary Tires just decided to save money each year for the next four years to help fund a new building.If it earns 6.5 percent on its savings,how much will the firm have saved at the end of year 4?

Name: McClary Tires just decided to save money each year for the next four years to help fund a new building.If it earns 6.5 percent on its savings,how much will the firm have saved at the end of year 4?
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Question

Quizplus · Accepted Answer

FV = ($20,000 × 1.065³) + ($24,000 × 1.065²) + ($28,000 × 1.065¹) + $32,000 = $113,200.39

McClary Tires Just Decided to Save Money Each Year for the Next