Future Value [2911]

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Angela has $20,000.  If she saves $1,200 per year for 10 years and increases her savings to $2,400 starting with the 11th year, how much will she have at the end of 20 years?  Assume an interest rate of 8%.

 

Column

Rate

Period

Amount

Factor

Value

1

8.0%

20

$20,000

4.660957

$93,219

2

8.0%

20

$1,200

45.761964

$54,914

2

8.0%

10

$1,200

14.486562

$17,384

 

 

 

 

 

$165,517


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