Question

Joanne starts to save at age 20 for a vacation home that she wants to buy for her 50th birthday. she will contribute $3000 each year to an account, which earns 2.4% annual interest, compounded quarterly. what is the future value of this investment, rounded to the nearest dollar, when joanne is ready to purchase the vacation home?

Answer 1

Answer:saved $1,587,473.00 by the time she turns 50 years old. That is enough for her when she is ready to purchase her vacation home.

Step-by-step explanation:

Answer 2

In the problem provided above Joanne is expected to have saved $1,587,473.00 by the time she turns 50 years old. That is enough for her when she is ready to purchase her vacation home.