Question - You are saving for a Porsche Carrera Cabriolet, which currently sells for nearly half a million dollars. Your plan is to deposit $15,000 at the end of each year for the next 10 years. You expect to earn 8 percent each year.
Required -
1. Determine how much you will have saved after 10 years.
2. Determine the amount saved if you were able to deposit $17,500 each year.
3. Determine the amount saved if you deposit $15,000 each year, but with 10 percent interest.