Answer:
Total savings= $2,468.7
Explanation:
Giving the following information:
Suenette plans to save $600 at the end of Year 1, $800 at the end of Year 2, and $1,000 at the end of Year 3.
Annual rate= 3.4%
To calculate the final value of the investment, we need to apply the following formula to each deposit:
FV= PV*(1+i)^n
Deposit 1= 600*1.034^2= 641.50
Deposit 2= 800*1.034= 827.2
Deposit 3= 1,000
Total= $2,468.7
