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You want to buy a house within 3 years, and you are currently saving for the...

You want to buy a house within 3 years, and you are currently saving for the down payment. You plan to save $9,000 at the end of the first year, and you anticipate that your annual savings will increase by 10% annually thereafter. Your expected annual return is 11%. How much will you have for a down payment at the end of Year 3? Do not round intermediate calculations. Round your answer to the nearest cent.

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Answer #1

D5 fx =SUM(D2:04) ABC 1 Year Deposit Future Value 1 9000 9000*(1+0.11)^2 $11,088.90 2 9900 9900*(1+0.11)^1 $ 10,989.00 3 1089

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