You invest $3,000 a year for 3 years at 12 percent. a. What is the value of your investment after on

You invest $3,000 a year for 3 years at 12 percent. a. What is the value of your investment after one year? Multiply $3,000 x 1.12. b. What is the value of your investment after two years? Multiply your answer to part a by 1.12. c. What is the value of your investment after three years? Multiply your answer to part b by 1.12. This gives you your final answer. d. Confirm that your final answer is correct by going to Appendix A (future value of a $1), and looking up the future value for n = 3, and i = 12 percent. Multiply this tabular value by $3,000 and compare your answer to the answer in part c. There may be a slight difference due to rounding.

 

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