Solved: Planning to deposit the funds in a mutual fund, Finance Basics

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Planning to deposit the funds in a mutual fund

Problem:

You want to go to Europe 5 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 just after you make the 5th deposit, 5 years from now?

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Finance Basics: Planning to deposit the funds in a mutual fund

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