QuestionFind the future value of \$525 saved annually for 7 years at 5%. Round factor to 3 decimal places, answer to 2.

Studdy Solution
Calculate the future value.
$$V = \$525 \times \left( \frac{(1 +0.05)^7 -1}{0.05} \right) \approx \$4,213.57$$The future value of $525 saved each year for7 years at5 percent is approximately$4,213.57.