Answers
future value factor = (1+r)^n
here,
r = 3%=>0.03.
n= 6 years - number of the year of deposit...(i.e 5 years for deposit made in year 1, 4 years for deposit made in year2, 3 years for deposit made in year 3).
| year | Future value factor | cash flow | future value factor *cash flow |
| 1 | (1.03)^5=>1.15927407 | 1700 | (1700*1.15927407)=>1,970.76592 |
| 2 | (1.03)^4=>1.12550881 | 1900 | (1900*1.12550881)=>2,138.46674 |
| 3 | (1.03)^3=>1.092727 | 1900 | (1900*1.092727)=>2,076.1813 |
| 4 | (1.03)^2=>1.0609 | 2200 | (2200*1.0609)=>2,333.98 |
| $8,519.39 |
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