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n an attempt to have funds for a down payment in five years, James Dupont plans to save $3,800 a year for the next five years. With an interest rate of 4 percent, what amount will James have available for a down payment after the five years? Use Exhibit 1-B. (Round FVA factor to 3 decimal places and final answer to 2 decimal places.)

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Answer:

$20,582.03

Explanation:

For this question, we have to determine the future value that is shown on the attachment. Kindly find it below:

Data provided in the question

NPER = 5 years

PMT = $3,800

Rate of interest = 4%

PV = $0

The formula is shown below:

= -FV(Rate;NPER;PMT;PV;type)

So, after solving this, the future value is $20,582.03

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