Jenna would like to purchase a new car in three years. If she saves $1000 per year in an account that pays 8% annual interest for the next 3 years, how much will she have saved for a down payment? (Round the final answer to the nearest dollar.) Values for i = 8%, n = 3
Present value of an ordinary annuity of $1 2.577
Present value of $1:.772
Future value of an ordinary annuity of $1 3.246
Future value of $1:
a. $ 1.260
b. $ 3246
c. $ 3772
d. $ 3577
e. $ 2577
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