Jenna Would Like to Purchase a New Car in Three

question 46

Multiple Choice

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
$\begin{array}{|l|r|}\hline\text { Present value of an ordinary annuity of } \$ 1 & 2.577 \\\hline \text { Present value of } \$ 1 \text { : } & .772 \\\hline \text { Future value of an ordinary annuity of } \$ 1 & 3.246 \\\hline \text { Future value of } \$ 1: & 1.260\\\hline\end{array}$

• A)$3246
• B)$3772
• C)$3577
• D)$2577

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