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You want to go to Europe five years from now, and you can save $3,100 per year, beginning one year from today. You plan to deposit the funds in a mutual fund that you think will return 8.5% per year. Under these conditions, how much would you have after you make the fifth deposit, five years from now

Respuesta :

The 5th deposit, five years from now =  $18,368.66

CPT > FV = destiny fee

FV =PMT x ((1+ Y)^N -1) / Y

FV = 3100 x ((1+8.5%)^5 - 1) / 8.5%

FV = $18,368.66

A deposit is a cash you positioned into your financial institution account. You have to deposit cash in a bank to create financial savings and earn interest on it. A call for deposit is made for the price range you could withdraw anytime. A time deposit is a long-time period of funding. A deposit could also be the collateral amount you pay when you take on a mortgage.

An instance of a deposit is the money brought to a savings account. An instance of the deposit is the gold left within the bottom gravel of the movement. Deposit is defined as to vicinity, entrust, put, lay or set down for safekeeping or price. An example of a deposit is someone placing cash in their bank account.

A deposit is a sum of money that is a part of the full charge of something, and which you pay whilst you agree to shop for it.

Learn more about deposit here: https://brainly.com/question/25787382

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