Miller's hardware plans on saving $42,000, $54,000, and $58,000 at the end of each year for the next three years, respectively. how much will the firm have saved at the end of the three years if it can earn 4.5% on its savings
To solve for the ending amount saved after three years: FV = (first year savings x interest amount as a decimal) + (second year savings x interest amount as a decimal) + third year savings amount X interested as decimal
FV = (42,000 x 1.045 + (54,000 x 1.045) + (58,000 X 1.045) FV = $167,508.33
