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Bye Bye
15,000 * 0.05 = 750
Since the question states "to keep calculations simple..." I am going to assume you have not been taught how to calculate a Future Value annuity "FVod". That said, I'll use "simple" math.
The first $750 is invested for 3 years, the 2nd $750 for 2 years and the 3rd $750 for 1 year.
750(1.05^3) + 750(1.05^2) + 750(1.05)
= 868.22 + 826.88 + 787.50
= $2,482.59
FYI: FVad = {PMT [((1 + i)^n - 1) / i]} * (1 + i)
= {750[1.05^3) - 1) / 0.05)} * 1.05
= {750(1.15763 - 1) / 0.05)} * 1.05
= {750(3.1525)} * 1.05
= 2,364.675* 1.05
= $2,482.59
Now just repeat for the other scenarios....
15,000 * 0.10 = $1,500....and 15,000 * 0.15 = $2,250
Your income is $15,000.
Calculate the total amount you would have if you saved 5% of your income for three years in an investment that paid 5% compound interest each year. (To keep calculations simple, assume you can put the 5% away at the beginning of the year.) Repeat the calculations if you saved 10% and 15% of your income.
Please show your work.
